SPX Technologies (NYSE:SPXC) Coverage Initiated by Analysts at Wolfe Research

Stock analysts at Wolfe Research started coverage on shares of SPX Technologies (NYSE:SPXC) in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $199.00 price target on the stock. Wolfe Research’s price target indicates a potential upside of 13.06% from the stock’s previous close.

SPX Technologies Stock Performance

SPX Technologies stock opened at $176.01 on Monday. SPX Technologies has a 1-year low of $83.98 and a 1-year high of $176.35. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $8.16 billion, a PE ratio of 47.31, a price-to-earnings-growth ratio of 1.76 and a beta of 1.22. The firm’s 50 day simple moving average is $161.84 and its 200 day simple moving average is $151.25.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. The firm had revenue of $483.70 million for the quarter, compared to analysts’ expectations of $501.02 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.06 earnings per share. As a group, analysts expect that SPX Technologies will post 5.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SPX Technologies

Several hedge funds have recently added to or reduced their stakes in SPXC. Crewe Advisors LLC bought a new stake in SPX Technologies in the 2nd quarter worth approximately $28,000. Canada Pension Plan Investment Board purchased a new stake in shares of SPX Technologies in the 2nd quarter valued at $28,000. V Square Quantitative Management LLC bought a new position in shares of SPX Technologies during the 3rd quarter valued at $28,000. UMB Bank n.a. raised its position in SPX Technologies by 965.0% in the 2nd quarter. UMB Bank n.a. now owns 213 shares of the company’s stock worth $30,000 after purchasing an additional 193 shares during the period. Finally, Hilltop National Bank bought a new stake in SPX Technologies in the second quarter worth $39,000. Institutional investors own 92.82% of the company’s stock.

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.