SPX Technologies (NYSE:SPXC) Given New $142.00 Price Target at UBS Group

SPX Technologies (NYSE:SPXC) had its price target hoisted by UBS Group from $126.00 to $142.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms also recently commented on SPXC. StockNews.com raised shares of SPX Technologies from a hold rating to a buy rating in a report on Friday, May 3rd. William Blair reaffirmed an outperform rating on shares of SPX Technologies in a research note on Friday, May 3rd. Finally, Oppenheimer increased their target price 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 equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, SPX Technologies has an average rating of Moderate Buy and an average price target of $141.00.

SPX Technologies Price Performance

Shares of SPXC stock traded up $2.78 on Wednesday, hitting $136.70. 17,361 shares of the stock traded hands, compared to its average volume of 239,795. The firm has a market cap of $6.32 billion, a price-to-earnings ratio of 65.33, a PEG ratio of 1.35 and a beta of 1.24. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.12 and a quick ratio of 0.70. The firm has a 50 day simple moving average of $120.28 and a two-hundred day simple moving average of $104.29. SPX Technologies has a 52 week low of $71.57 and a 52 week high of $136.92.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data 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. SPX Technologies had a return on equity of 18.18% and a net margin of 5.32%. The firm had revenue of $465.20 million during the quarter, compared to analyst estimates of $454.05 million. During the same quarter in the prior year, the company posted $0.93 earnings per share. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. As a group, equities research analysts predict that SPX Technologies will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On SPX Technologies

A number of large investors have recently made changes to their positions in SPXC. State Board of Administration of Florida Retirement System increased its stake in SPX Technologies by 19.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 15,112 shares of the company’s stock valued at $1,861,000 after purchasing an additional 2,500 shares in the last quarter. ProShare Advisors LLC increased its holdings in SPX Technologies by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 8,937 shares of the company’s stock worth $1,100,000 after buying an additional 612 shares during the period. Swiss National Bank increased its stake in shares of SPX Technologies by 0.3% in the first quarter. Swiss National Bank now owns 90,118 shares of the company’s stock worth $11,096,000 after acquiring an additional 300 shares during the period. Illinois Municipal Retirement Fund lifted 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 valued at $3,282,000 after purchasing an additional 934 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in SPX Technologies during the 1st quarter worth about $675,000. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Company Profile

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.