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

Stock analysts at Wolfe Research began coverage on shares of SPX Technologies (NYSE:SPXC) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $199.00 price target on the stock. Wolfe Research’s price target points to a potential upside of 11.19% from the company’s previous close.

SPX Technologies Stock Down 1.4 %

Shares of SPX Technologies stock opened at $178.98 on Monday. The stock’s fifty day moving average is $162.86 and its 200-day moving average is $151.82. The firm has a market capitalization of $8.30 billion, a PE ratio of 48.11, a price-to-earnings-growth ratio of 1.76 and a beta of 1.22. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. SPX Technologies has a 12-month low of $83.98 and a 12-month high of $183.83.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Assetmark Inc. boosted its stake in shares of SPX Technologies by 4.7% during the 3rd quarter. Assetmark Inc. now owns 1,745 shares of the company’s stock worth $278,000 after acquiring an additional 78 shares in the last quarter. Evergreen Capital Management LLC boosted its stake in shares of SPX Technologies by 4.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 3,538 shares of the company’s stock worth $503,000 after acquiring an additional 146 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of SPX Technologies by 1.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 10,233 shares of the company’s stock worth $1,632,000 after acquiring an additional 158 shares in the last quarter. M&T Bank Corp boosted its stake in shares of SPX Technologies by 0.4% during the 3rd quarter. M&T Bank Corp now owns 37,541 shares of the company’s stock worth $5,986,000 after acquiring an additional 160 shares in the last quarter. Finally, KBC Group NV boosted its stake in SPX Technologies by 14.3% during the 3rd quarter. KBC Group NV now owns 1,295 shares of the company’s stock valued at $207,000 after purchasing an additional 162 shares during the period. 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.