Truist Financial Upgrades SPX Technologies Stock Target Price

SPX Technologies (NYSE: SPXC) received a positive outlook from Truist Financial, which increased its price target for the stock from $215.00 to $216.00. The adjustment, highlighted in a note to investors on October 30, 2023, suggests a modest potential upside of 0.36% based on the company’s current stock price. Truist Financial currently holds a “hold” rating for SPX Technologies, reflecting a cautious but optimistic stance on its performance.

Several other firms have also expressed their views on SPX Technologies in recent weeks. B. Riley maintained its “buy” rating, raising its target price from $225.00 to $244.00 in a report on December 10. Similarly, Wells Fargo & Company initiated coverage with an “overweight” rating and a target price of $205.00. TD Cowen also began covering SPX Technologies, assigning a “hold” rating with a $225.00 price target. Additionally, Weiss Ratings reaffirmed a “buy (b-)” rating, while Bank of America initiated coverage with a “neutral” rating and a target price of $202.00.

Currently, six research analysts have given the stock a buy rating, while three analysts have assigned a hold rating. According to MarketBeat.com, SPX Technologies holds an average rating of “Moderate Buy” with a consensus price target of $214.14.

Recent Earnings Performance

SPX Technologies recently reported its quarterly earnings on October 30, 2023, revealing a strong performance. The company achieved earnings per share (EPS) of $1.84, surpassing analyst expectations of $1.60 by $0.24. The firm’s revenue for the quarter reached $592.80 million, significantly exceeding forecasts of $574.32 million and reflecting a 22.6% increase compared to the same period last year. The company reported a net margin of 10.33% and a return on equity of 18.68%. For the fiscal year 2025, SPX Technologies has set its guidance at an EPS range of $6.650 to $6.800.

Insider Transactions and Institutional Movements

In other developments, insider trading activity indicates a shift among company executives. On November 19, John William Swann III sold 38,755 shares of SPX Technologies at an average price of $206.07, totaling approximately $7.99 million. Following this sale, he retained 64,266 shares, now valued at about $13.24 million, marking a 37.62% decrease in ownership.

Similarly, J Randall Data sold 12,000 shares on December 11 at an average price of $215.37, resulting in a transaction worth approximately $2.58 million. Post-transaction, Data holds 38,020 shares valued at around $8.19 million, reflecting a 23.99% decrease in ownership. Currently, company insiders hold 3.32% of the stock.

Institutional investment trends show significant activity as well. Invesco Ltd. increased its stake in SPX Technologies by 62.4% during the third quarter, now owning 1,879,216 shares valued at approximately $351 million. Norges Bank also acquired a new position valued at $97.22 million during the second quarter. Meanwhile, Vanguard Group Inc. raised its position by 4.6%, owning 5,298,472 shares worth about $989.65 million after an additional purchase of 232,436 shares.

Overall, hedge funds and institutional investors currently hold 92.82% of SPX Technologies’ stock, reflecting strong interest in the company’s growth potential.

SPX Technologies specializes in providing infrastructure equipment for the heating, ventilation, and cooling (HVAC) markets, as well as detection and measurement solutions worldwide. The company operates in two main segments: HVAC and Detection and Measurement, catering to both industrial and residential needs.