SPX Technologies (NYSE:SPXC) Downgraded by Oppenheimer

Oppenheimer lowered shares of SPX Technologies (NYSE:SPXC) from an outperform rating to a market perform rating in a research report released on Thursday, Marketbeat Ratings reports.

A number of other equities analysts have also commented on the stock. StockNews.com lowered shares of SPX Technologies from a buy rating to a hold rating in a report on Saturday, May 11th. William Blair reaffirmed an outperform rating on shares of SPX Technologies in a report on Friday, May 3rd. Finally, UBS Group increased their price target on SPX Technologies from $126.00 to $142.00 and gave the company a neutral rating in a research note on Wednesday, May 8th.

SPX Technologies Stock Up 0.2 %

SPXC stock opened at $145.07 on Thursday. The stock has a market capitalization of $6.71 billion, a P/E ratio of 70.77, a price-to-earnings-growth ratio of 1.50 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 0.70 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $142.08 and a 200-day moving average price of $123.74. SPX Technologies has a 12 month low of $76.61 and a 12 month high of $164.91.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.19. The firm had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a return on equity of 18.18% and a net margin of 5.32%. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. As a group, equities research analysts anticipate that SPX Technologies will post 5.37 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider J Randall Data sold 39,412 shares of SPX Technologies stock in a transaction on Monday, June 24th. The shares were sold at an average price of $143.89, for a total value of $5,670,992.68. Following the completion of the sale, the insider now owns 52,657 shares of the company’s stock, valued at approximately $7,576,815.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On SPX Technologies

Several hedge funds have recently modified their holdings of SPXC. Hilltop National Bank purchased a new stake in SPX Technologies during the second quarter worth about $39,000. YHB Investment Advisors Inc. purchased a new stake in shares of SPX Technologies during the 1st quarter worth approximately $51,000. GAMMA Investing LLC raised its holdings in shares of SPX Technologies by 122.6% in the 2nd quarter. GAMMA Investing LLC now owns 423 shares of the company’s stock worth $60,000 after purchasing an additional 233 shares during the period. Palisade Asset Management LLC purchased a new position in SPX Technologies in the first quarter valued at approximately $74,000. Finally, CWM LLC grew its holdings in SPX Technologies by 547.8% during the second quarter. CWM LLC now owns 1,153 shares of the company’s stock valued at $164,000 after purchasing an additional 975 shares during the period. Institutional investors 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.