SPX Technologies (NYSE:SPXC) Cut to “Neutral” at Sidoti

Sidoti cut shares of SPX Technologies (NYSE:SPXC) from a buy rating to a neutral rating in a research note released on Friday, MarketBeat Ratings reports. Sidoti currently has $175.00 target price on the stock, down from their previous target price of $187.00.

Separately, Wolfe Research began coverage on SPX Technologies in a research note on Monday, November 25th. They issued an “outperform” rating and a $199.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $164.00.

SPX Technologies Price Performance

Shares of NYSE SPXC opened at $159.43 on Friday. The stock has a market cap of $7.39 billion, a P/E ratio of 42.86, a P/E/G ratio of 1.76 and a beta of 1.26. SPX Technologies has a twelve month low of $87.08 and a twelve month high of $183.83. The stock has a 50 day moving average of $164.94 and a two-hundred day moving average of $153.60. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49.

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

Hedge Funds Weigh In On SPX Technologies

A number of large investors have recently made changes to their positions in SPXC. Assetmark Inc. grew its position in SPX Technologies by 4.7% during the third quarter. Assetmark Inc. now owns 1,745 shares of the company’s stock worth $278,000 after buying an additional 78 shares during the period. Evergreen Capital Management LLC grew its holdings in shares of SPX Technologies by 4.3% in 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 during the period. PNC Financial Services Group Inc. increased its stake in SPX Technologies by 1.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,233 shares of the company’s stock valued at $1,632,000 after purchasing an additional 158 shares in the last quarter. M&T Bank Corp raised its holdings in SPX Technologies by 0.4% during the third quarter. M&T Bank Corp now owns 37,541 shares of the company’s stock worth $5,986,000 after purchasing an additional 160 shares during the last quarter. Finally, KBC Group NV boosted its position in SPX Technologies by 14.3% during the third quarter. KBC Group NV now owns 1,295 shares of the company’s stock worth $207,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other 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.