SPX Technologies (NYSE:SPXC) Price Target Raised to $126.00 at UBS Group

SPX Technologies (NYSE:SPXC) had its target price boosted by UBS Group from $90.00 to $126.00 in a research note published on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the stock.

A number of other equities analysts also recently commented on the company. Oppenheimer restated an outperform rating and issued a $124.00 price objective (up from $118.00) on shares of SPX Technologies in a report on Friday, February 23rd. StockNews.com lowered shares of SPX Technologies from a buy rating to a hold rating in a research report on Friday, March 15th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, SPX Technologies currently has an average rating of Moderate Buy and a consensus target price of $125.00.

SPX Technologies Trading Up 0.6 %

Shares of SPXC opened at $121.42 on Wednesday. SPX Technologies has a fifty-two week low of $61.09 and a fifty-two week high of $122.97. The company has a market capitalization of $5.55 billion, a PE ratio of 63.24, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. The stock has a fifty day moving average of $110.16 and a two-hundred day moving average of $95.29. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share for the quarter, hitting the consensus estimate of $1.25. SPX Technologies had a return on equity of 17.30% and a net margin of 5.16%. The firm had revenue of $469.40 million for the quarter, compared to the consensus estimate of $481.98 million. During the same period in the prior year, the business posted $1.17 earnings per share. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts forecast that SPX Technologies will post 5.03 EPS for the current year.

Insider Activity

In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction on Monday, March 4th. The shares were sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the sale, 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 accessible through this link. In other news, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the completion of the sale, the insider now owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the completion of the sale, the chief executive officer now directly owns 667,045 shares in the company, valued at $76,936,970.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 94,373 shares of company stock worth $10,962,146. 4.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SPX Technologies

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in shares of SPX Technologies by 1.2% in the 1st quarter. BlackRock Inc. now owns 7,539,474 shares of the company’s stock valued at $532,136,000 after acquiring an additional 92,143 shares during the last quarter. Vanguard Group Inc. raised its stake in SPX Technologies by 1.0% during the third quarter. Vanguard Group Inc. now owns 5,014,424 shares of the company’s stock worth $408,174,000 after acquiring an additional 50,178 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in SPX Technologies by 3.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,265,310 shares of the company’s stock worth $280,018,000 after acquiring an additional 160,366 shares during the last quarter. State Street Corp boosted its stake in SPX Technologies by 1.2% in the first quarter. State Street Corp now owns 1,666,386 shares of the company’s stock valued at $117,614,000 after acquiring an additional 20,510 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of SPX Technologies by 11.7% during the third quarter. Ameriprise Financial Inc. now owns 1,579,646 shares of the company’s stock valued at $128,583,000 after purchasing an additional 165,544 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

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.