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

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

SPX Technologies Price Performance

NYSE:SPXC opened at $175.00 on Monday. SPX Technologies has a 52-week low of $83.98 and a 52-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. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 47.04, a P/E/G ratio of 1.82 and a beta of 1.22. The stock has a fifty day moving average of $163.50 and a 200 day moving average of $152.14.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data 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 firm had revenue of $483.70 million during the quarter, compared to analysts’ expectations of $501.02 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.06 EPS. On average, research analysts expect that SPX Technologies will post 5.56 EPS for the current fiscal year.

Institutional Investors Weigh In On SPX Technologies

Several institutional investors have recently bought and sold shares of SPXC. Franklin Resources Inc. lifted its position in SPX Technologies by 188.4% in the third quarter. Franklin Resources Inc. now owns 12,531 shares of the company’s stock valued at $2,127,000 after purchasing an additional 8,186 shares during the last quarter. Synovus Financial Corp grew its holdings in 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 acquiring an additional 199 shares during the last quarter. Tidal Investments LLC increased its position in shares of SPX Technologies by 6.6% in the third quarter. Tidal Investments LLC now owns 3,026 shares of the company’s stock valued at $483,000 after acquiring an additional 188 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of SPX Technologies in the third quarter valued at about $194,000. Finally, M&T Bank Corp raised its stake in shares of SPX Technologies by 0.4% during the third quarter. M&T Bank Corp now owns 37,541 shares of the company’s stock valued at $5,986,000 after acquiring an additional 160 shares during the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

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.