SPX Technologies (NYSE:SPXC) Sets New 12-Month Low – Time to Sell?

SPX Technologies, Inc. (NYSE:SPXC)’s stock price hit a new 52-week low on Thursday. The company 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.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SPXC shares. Weiss Ratings downgraded shares of SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Wolfe Research started coverage on shares of SPX Technologies in a report on Tuesday, September 15th. They set an “outperform” rating and a $250.00 price objective for the company. Oppenheimer lowered their price objective on shares of SPX Technologies from $265.00 to $260.00 and set an “outperform” rating on the stock in a research report on Monday. Truist Financial restated a “buy” rating and issued a $233.00 target price (down from $266.00) on shares of SPX Technologies in a report on Monday. Finally, Vertical Research began coverage on shares of SPX Technologies in a research report on Monday, September 28th. They issued a “buy” rating and a $215.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $240.36.

SPX Technologies Stock Down 7.3%

The stock has a market cap of $7.13 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 1.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.84. The company’s 50-day moving average price is $175.98 and its 200 day moving average price is $206.72.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.09. The firm had revenue of $714.50 million for the quarter, compared to analysts’ expectations of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. The business’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.84 EPS. As a group, analysts forecast that SPX Technologies, Inc. will post 8.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

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