Wolfe Research Initiates Coverage on SPX Technologies (NYSE:SPXC)

Wolfe Research assumed coverage on shares of SPX Technologies (NYSE:SPXC) in a report released on Monday morning, Marketbeat reports. The firm issued an outperform rating and a $199.00 target price on the stock.

SPX Technologies Price Performance

Shares of SPXC stock opened at $175.00 on Monday. SPX Technologies has a 52 week low of $83.98 and a 52 week high of $183.83. The stock has a market capitalization of $8.11 billion, a PE ratio of 47.04, a PEG ratio of 1.82 and a beta of 1.22. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. The stock’s fifty day moving average is $163.27 and its 200-day moving average is $151.98.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The firm had revenue of $483.70 million for the quarter, compared to analyst estimates of $501.02 million. During the same quarter in the prior year, the firm earned $1.06 EPS. The company’s revenue was up 7.8% on a year-over-year basis. Equities research analysts expect that SPX Technologies will post 5.56 EPS for the current fiscal year.

Institutional Investors Weigh In On SPX Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. raised its stake in shares of SPX Technologies by 195.2% during the second quarter. American Century Companies Inc. now owns 14,492 shares of the company’s stock worth $2,060,000 after buying an additional 9,582 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of SPX Technologies by 15.7% during the 2nd quarter. Victory Capital Management Inc. now owns 73,768 shares of the company’s stock valued at $10,485,000 after acquiring an additional 10,010 shares during the last quarter. Diversified Trust Co acquired a new position in shares of SPX Technologies in the 2nd quarter valued at $798,000. Dana Investment Advisors Inc. bought a new position in shares of SPX Technologies in the 2nd quarter worth $855,000. Finally, Park Avenue Securities LLC acquired a new stake in shares of SPX Technologies during the second quarter worth $607,000. 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.