UBS Group Has Lowered Expectations for SPX Technologies (NYSE:SPXC) Stock Price

SPX Technologies (NYSE:SPXC) had its target price lowered by stock analysts at UBS Group from $164.00 to $160.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s target price suggests a potential upside of 11.93% from the stock’s current price.

Other analysts also recently issued reports about the stock. Sidoti downgraded shares of SPX Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $187.00 to $175.00 in a report on Friday, December 6th. Wolfe Research initiated coverage on shares of SPX Technologies in a research note on Monday, November 25th. They set an “outperform” rating and a $199.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $168.50.

SPX Technologies Price Performance

Shares of SPXC opened at $142.95 on Tuesday. The business’s 50-day moving average is $158.83 and its two-hundred day moving average is $155.21. The company has a market capitalization of $6.63 billion, a P/E ratio of 38.43, a P/E/G ratio of 1.55 and a beta of 1.30. SPX Technologies has a fifty-two week low of $95.00 and a fifty-two week high of $183.83. 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 posted its earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The firm had revenue of $483.70 million for the quarter, compared to analyst estimates of $501.02 million. During the same period last year, the company earned $1.06 earnings per share. SPX Technologies’s revenue for the quarter was up 7.8% compared to the same quarter last year. Research analysts predict that SPX Technologies will post 5.56 earnings per share for the current year.

Institutional Investors Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPXC. Diversified Trust Co grew its position in shares of SPX Technologies by 34.9% in the fourth quarter. Diversified Trust Co now owns 7,868 shares of the company’s stock valued at $1,145,000 after purchasing an additional 2,034 shares during the period. Nordea Investment Management AB lifted its stake in SPX Technologies by 5.0% in the 4th quarter. Nordea Investment Management AB now owns 365,583 shares of the company’s stock valued at $53,203,000 after buying an additional 17,324 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in SPX Technologies by 666.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 590,552 shares of the company’s stock worth $94,169,000 after buying an additional 513,526 shares during the last quarter. Principal Financial Group Inc. increased its stake in SPX Technologies by 5.3% during the 3rd quarter. Principal Financial Group Inc. now owns 547,961 shares of the company’s stock worth $87,378,000 after buying an additional 27,545 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of SPX Technologies by 188.4% during the third quarter. Franklin Resources Inc. now owns 12,531 shares of the company’s stock valued at $2,127,000 after acquiring an additional 8,186 shares during the last quarter. Hedge funds and other institutional investors 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.