StockNews.com Begins Coverage on SPX Technologies (NYSE:SPXC)

StockNews.com began coverage on shares of SPX Technologies (NYSE:SPXC – Get Rating) in a research report sent to investors on Thursday morning. The firm issued a hold rating on the stock.

Separately, Oppenheimer increased their target price on SPX Technologies from $77.00 to $82.00 and gave the company an outperform rating in a research report on Friday, February 24th.

SPX Technologies Trading Down 3.7 %

Shares of NYSE:SPXC opened at $66.30 on Thursday. SPX Technologies has a 1 year low of $41.66 and a 1 year high of $78.30. The company has a current ratio of 2.16, a quick ratio of 1.43 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average price is $71.74 and its 200-day moving average price is $66.29.

SPX Technologies (NYSE:SPXC – Get Rating) last announced its earnings results on Thursday, February 23rd. The company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.19. SPX Technologies had a return on equity of 13.14% and a net margin of 0.01%. The firm had revenue of $429.30 million for the quarter, compared to analyst estimates of $416.00 million. During the same quarter last year, the firm posted $0.88 EPS. The business’s revenue was up 22.7% on a year-over-year basis. Research analysts anticipate that SPX Technologies will post 3.49 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wakefield Asset Management LLLP purchased a new position in SPX Technologies in the 3rd quarter valued at $690,000. Lazard Asset Management LLC purchased a new position in SPX Technologies in the 3rd quarter valued at $82,000. New Century Advisors LLC lifted its holdings in SPX Technologies by 62.7% in the 3rd quarter. New Century Advisors LLC now owns 506 shares of the company’s stock valued at $28,000 after purchasing an additional 195 shares in the last quarter. PDT Partners LLC acquired a new stake in shares of SPX Technologies in the 3rd quarter worth $201,000. Finally, Natixis Advisors L.P. increased its stake in shares of SPX Technologies by 19.3% in the 2nd quarter. Natixis Advisors L.P. now owns 95,936 shares of the company’s stock worth $5,069,000 after acquiring an additional 15,488 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

About SPX Technologies

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SPX Technologies, Inc engages in the supply of infrastructure equipment. It operates through the HVAC and Detection and Measurement segments. The HVAC segment engineers, designs, manufactures, installs, and services cooling products and engineered air quality solutions to the HVAC and industrial markets, as well as heating and ventilation products for the residential and commercial markets.