SPX Technologies (NYSE:SPXC) Hits New 12-Month High – Time to Buy?

Shares of SPX Technologies, Inc. (NYSE:SPXC) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $166.48 and last traded at $165.40, with a volume of 43161 shares trading hands. The stock had previously closed at $162.20.

Analyst Ratings Changes

Separately, Oppenheimer downgraded SPX Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, July 18th.

SPX Technologies Trading Up 2.3 %

The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 81.15, a PEG ratio of 1.60 and a beta of 1.21. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.28. The company has a 50-day moving average price of $153.43 and a 200-day moving average price of $141.76.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, August 1st. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.17. The firm had revenue of $501.30 million during the quarter, compared to analysts’ expectations of $492.08 million. SPX Technologies had a return on equity of 19.20% and a net margin of 5.53%. The business’s revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.06 EPS. As a group, research analysts forecast that SPX Technologies, Inc. will post 5.54 EPS for the current fiscal year.

Institutional Trading of SPX Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC boosted its position in shares of SPX Technologies by 4.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 3,538 shares of the company’s stock worth $503,000 after purchasing an additional 146 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of SPX Technologies by 3.8% during the 2nd quarter. Fifth Third Bancorp now owns 4,698 shares of the company’s stock worth $668,000 after buying an additional 174 shares during the last quarter. Xponance Inc. raised its stake in shares of SPX Technologies by 7.1% during the 2nd quarter. Xponance Inc. now owns 2,864 shares of the company’s stock worth $407,000 after buying an additional 189 shares during the last quarter. UMB Bank n.a. raised its stake in shares of SPX Technologies by 965.0% during the 2nd quarter. UMB Bank n.a. now owns 213 shares of the company’s stock worth $30,000 after buying an additional 193 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of SPX Technologies during the 2nd quarter worth $28,000. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Company Profile

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.