UBS Group Raises SPX Technologies (NYSE:SPXC) Price Target to $142.00

SPX Technologies (NYSE:SPXC) had its price target hoisted by analysts at UBS Group from $126.00 to $142.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s price target suggests a potential upside of 4.79% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. William Blair reiterated an “outperform” rating on shares of SPX Technologies in a research note on Friday, May 3rd. StockNews.com raised SPX Technologies from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Finally, Oppenheimer upped their price target on SPX Technologies from $134.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, SPX Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.00.

SPX Technologies Stock Down 0.5 %

Shares of SPXC stock traded down $0.65 on Wednesday, hitting $135.51. The stock had a trading volume of 33,455 shares, compared to its average volume of 238,744. SPX Technologies has a 12-month low of $71.33 and a 12-month high of $136.49. The stock has a market cap of $6.27 billion, a price-to-earnings ratio of 66.10, a price-to-earnings-growth ratio of 1.35 and a beta of 1.24. The business has a 50 day moving average of $119.93 and a 200 day moving average of $104.08. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.12 and a quick ratio of 0.70.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19. The company had revenue of $465.20 million for the quarter, compared to the consensus estimate of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.93 EPS. As a group, analysts expect that SPX Technologies will post 5.38 EPS for the current year.

Insider Buying and Selling

In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the transaction, the chief executive officer now owns 667,045 shares in the company, valued at $76,936,970.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the transaction, the chief executive officer now owns 667,045 shares in the company, valued at approximately $76,936,970.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. Insiders have sold 94,373 shares of company stock valued at $10,962,146 over the last quarter. Corporate insiders own 3.53% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

A number of institutional investors have recently added to or reduced their stakes in SPXC. Swiss National Bank boosted its position in shares of SPX Technologies by 0.3% during the first quarter. Swiss National Bank now owns 90,118 shares of the company’s stock valued at $11,096,000 after buying an additional 300 shares during the period. Illinois Municipal Retirement Fund boosted its position in SPX Technologies by 3.6% during the first quarter. Illinois Municipal Retirement Fund now owns 26,657 shares of the company’s stock worth $3,282,000 after purchasing an additional 934 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of SPX Technologies in the first quarter valued at approximately $675,000. Texas Permanent School Fund Corp lifted its position in shares of SPX Technologies by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 39,951 shares of the company’s stock valued at $4,919,000 after buying an additional 518 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new position in SPX Technologies during the first quarter worth $1,522,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.