SPX Technologies (NYSE:SPXC) Research Coverage Started at Wolfe Research

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

SPX Technologies Stock Down 2.2 %

NYSE SPXC opened at $175.00 on Monday. SPX Technologies has a twelve month low of $83.98 and a twelve month high of $183.83. The stock has a market cap of $8.11 billion, a PE ratio of 47.04, a PEG ratio of 1.82 and a beta of 1.22. The firm has a 50-day simple moving average of $163.27 and a 200 day simple moving average of $151.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85.

SPX Technologies (NYSE:SPXC) last announced 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. The company had revenue of $483.70 million during the quarter, compared to the consensus estimate of $501.02 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the company earned $1.06 EPS. On average, research analysts forecast that SPX Technologies will post 5.56 EPS for the current year.

Institutional Investors Weigh In On SPX Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its stake in SPX Technologies by 188.4% during the third quarter. Franklin Resources Inc. now owns 12,531 shares of the company’s stock worth $2,127,000 after acquiring an additional 8,186 shares in the last quarter. Synovus Financial Corp grew its holdings in shares of SPX Technologies by 2.1% in the 3rd quarter. Synovus Financial Corp now owns 9,489 shares of the company’s stock worth $1,513,000 after purchasing an additional 199 shares during the last quarter. Tidal Investments LLC increased its position in shares of SPX Technologies by 6.6% during the 3rd quarter. Tidal Investments LLC now owns 3,026 shares of the company’s stock worth $483,000 after purchasing an additional 188 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of SPX Technologies during the 3rd quarter worth about $194,000. Finally, M&T Bank Corp lifted its holdings in SPX Technologies by 0.4% during the 3rd quarter. M&T Bank Corp now owns 37,541 shares of the company’s stock valued at $5,986,000 after purchasing an additional 160 shares during the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

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.