SPX Technologies (NYSE:SPXC) Sets New 12-Month High – What’s Next?

SPX Technologies, Inc. (NYSE:SPXC) shares hit a new 52-week high on Tuesday . The stock traded as high as $242.57 and last traded at $242.3090, with a volume of 91306 shares trading hands. The stock had previously closed at $239.00.

Analysts Set New Price Targets

SPXC has been the topic of a number of research reports. Wall Street Zen upgraded shares of SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a research note on Monday, December 29th. TD Cowen restated a “hold” rating on shares of SPX Technologies in a research note on Tuesday, January 6th. Truist Financial upped their price objective on SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Finally, Bank of America raised SPX Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $280.00 in a report on Friday. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $225.29.

SPX Technologies Stock Performance

The stock has a 50 day moving average of $214.08 and a 200 day moving average of $202.66. The company has a quick ratio of 1.70, a current ratio of 2.47 and a debt-to-equity ratio of 0.23. The firm has a market cap of $12.04 billion, a price-to-earnings ratio of 51.73, a P/E/G ratio of 2.00 and a beta of 1.32.

Insider Buying and Selling

In other SPX Technologies news, insider J Randall Data sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the completion of the transaction, the insider directly owned 38,020 shares in the company, valued at $8,188,367.40. The trade was a 23.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John William Swann III sold 38,755 shares of the firm’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total value of $7,986,242.85. Following the completion of the sale, the insider directly owned 64,266 shares in the company, valued at approximately $13,243,294.62. This represents a 37.62% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in SPX Technologies by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,298,472 shares of the company’s stock valued at $989,649,000 after purchasing an additional 232,436 shares during the last quarter. Invesco Ltd. lifted its stake in shares of SPX Technologies by 62.4% in the 3rd quarter. Invesco Ltd. now owns 1,879,216 shares of the company’s stock valued at $351,000,000 after acquiring an additional 722,039 shares during the last quarter. Capital International Investors acquired a new stake in shares of SPX Technologies during the 4th quarter valued at $307,494,000. Geode Capital Management LLC grew its position in SPX Technologies by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 1,213,809 shares of the company’s stock worth $242,874,000 after acquiring an additional 63,889 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in SPX Technologies by 7.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,176,481 shares of the company’s stock worth $235,368,000 after purchasing an additional 84,117 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors and hedge funds.

SPX Technologies Company Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.