SPX Technologies (NYSE:SPXC) Sets New 52-Week Low – Should You Sell?

SPX Technologies, Inc. (NYSE:SPXC)’s stock price reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $145.88 and last traded at $145.1790, with a volume of 128,501 shares traded. The stock had previously closed at $153.47.

Analysts Set New Price Targets

A number of research firms recently commented on SPXC. Vertical Research began coverage on SPX Technologies in a report on Monday, September 28th. They issued a “buy” rating and a $215.00 price target on the stock. Wells Fargo & Company cut their price objective on shares of SPX Technologies from $250.00 to $243.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. JPMorgan Chase & Co. cut their price objective on shares of SPX Technologies from $282.00 to $225.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Robert W. Baird initiated coverage on shares of SPX Technologies in a research report on Monday, October 5th. They set an “outperform” rating and a $220.00 price objective on the stock. Finally, Truist Financial reissued a “buy” rating and issued a $233.00 target price (down from $266.00) on shares of SPX Technologies in a report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $240.36.

SPX Technologies Price Performance

The company has a market cap of $7.14 billion, a P/E ratio of 24.15, a PEG ratio of 1.07 and a beta of 1.26. The firm’s 50-day moving average is $173.38 and its two-hundred day moving average is $205.96. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Thursday, October 29th. The company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.12 by $0.09. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. The business had revenue of $714.50 million during the quarter, compared to analyst estimates of $710.38 million. During the same quarter last year, the business earned $1.84 earnings per share. SPX Technologies’s quarterly revenue was up 20.5% compared to the same quarter last year. Analysts anticipate that SPX Technologies, Inc. will post 8.39 earnings per share for the current year.

Insider Activity

In other news, Director Brian A. Deck purchased 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was purchased at an average cost of $164.34 per share, with a total value of $493,020.00. Following the purchase, the director owned 3,742 shares in the company, valued at approximately $614,960.28. This trade represents a 404.31% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.88% of the company’s stock.

Institutional Trading of SPX Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPXC. Group One Trading LLC purchased a new position in shares of SPX Technologies during the second quarter valued at approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of SPX Technologies during the 2nd quarter worth approximately $47,000. Summit Securities Group LLC purchased a new position in SPX Technologies during the 1st quarter valued at $51,000. Harbor Investment Advisory LLC purchased a new position in SPX Technologies during the 2nd quarter valued at $70,000. Finally, Allworth Financial LP purchased a new position in SPX Technologies during the 2nd quarter valued at $70,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc (NYSE:SPXC) is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.