SPX Technologies (NYSE:SPXC) Given New $160.00 Price Target at UBS Group

SPX Technologies (NYSE:SPXC) had its price objective lowered by UBS Group from $164.00 to $160.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms have also recently weighed in on SPXC. Sidoti cut SPX Technologies from a “buy” rating to a “neutral” rating and dropped 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 report on Monday, November 25th. They issued an “outperform” rating and a $199.00 target price for the company. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $168.50.

SPX Technologies Price Performance

NYSE:SPXC opened at $142.95 on Tuesday. The company has a market cap 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. The firm’s fifty day moving average price is $158.83 and its two-hundred day moving average price is $155.13. SPX Technologies has a one year low of $95.00 and a one year high of $183.83. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. raised its position in shares of SPX Technologies by 195.2% in the 2nd quarter. American Century Companies Inc. now owns 14,492 shares of the company’s stock valued at $2,060,000 after buying an additional 9,582 shares in the last quarter. Victory Capital Management Inc. lifted its stake in SPX Technologies by 15.7% during the second quarter. Victory Capital Management Inc. now owns 73,768 shares of the company’s stock worth $10,485,000 after purchasing an additional 10,010 shares during the last quarter. Dana Investment Advisors Inc. acquired a new stake in shares of SPX Technologies in the 2nd quarter valued at $855,000. Mutual of America Capital Management LLC increased its stake in shares of SPX Technologies by 212.5% in the 3rd quarter. Mutual of America Capital Management LLC now owns 23,744 shares of the company’s stock valued at $3,786,000 after purchasing an additional 16,145 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of SPX Technologies by 299.0% during the 3rd quarter. Barclays PLC now owns 84,567 shares of the company’s stock worth $13,485,000 after buying an additional 63,373 shares in 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.