SPX Technologies (NYSE:SPXC) Director Purchases 3,000 Shares of Company Stock

SPX Technologies, Inc. (NYSE:SPXC) Director Brian Deck bought 3,000 shares of the business’s stock in a transaction on Tuesday, November 3rd. The shares were acquired at an average price of $164.34 per share, for a total transaction of $493,020.00. Following the completion of the transaction, the director owned 3,742 shares in the company, valued at approximately $614,960.28. This trade represents a 404.31% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

SPX Technologies Trading Down 9.9%

Shares of NYSE SPXC traded down $15.16 during mid-day trading on Thursday, hitting $138.31. The company’s stock had a trading volume of 1,140,879 shares, compared to its average volume of 582,112. SPX Technologies, Inc. has a one year low of $137.86 and a one year high of $251.08. The company’s fifty day simple moving average is $175.98 and its 200-day simple moving average is $206.72. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of 23.44, a price-to-earnings-growth ratio of 1.08 and a beta of 1.26.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $710.38 million. During the same period in the previous year, the firm posted $1.84 earnings per share. SPX Technologies’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, sell-side analysts anticipate that SPX Technologies, Inc. will post 8.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lido Advisors LLC lifted its position in SPX Technologies by 2.5% during the 3rd quarter. Lido Advisors LLC now owns 3,122 shares of the company’s stock worth $529,000 after buying an additional 76 shares in the last quarter. New York Life Investment Management LLC raised its stake in SPX Technologies by 19.4% in the 3rd quarter. New York Life Investment Management LLC now owns 7,190 shares of the company’s stock valued at $1,219,000 after acquiring an additional 1,166 shares during the period. Van Berkom & Associates Inc. raised its stake in SPX Technologies by 17.3% in the 3rd quarter. Van Berkom & Associates Inc. now owns 343,103 shares of the company’s stock valued at $58,177,000 after acquiring an additional 50,700 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in SPX Technologies by 126.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 72,865 shares of the company’s stock valued at $12,366,000 after purchasing an additional 40,691 shares during the last quarter. Finally, Ethic Inc. lifted its holdings in SPX Technologies by 25.4% during the 3rd quarter. Ethic Inc. now owns 9,601 shares of the company’s stock valued at $1,628,000 after purchasing an additional 1,944 shares during the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Robert W. Baird initiated coverage on SPX Technologies in a research report on Monday, October 5th. They set an “outperform” rating and a $220.00 target price for the company. Weiss Ratings downgraded shares of SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. Truist Financial restated a “buy” rating and set a $233.00 price objective (down from $266.00) on shares of SPX Technologies in a report on Monday. Citigroup restated a “buy” rating on shares of SPX Technologies in a report on Friday, October 30th. Finally, B. Riley Financial lowered their target price on shares of SPX Technologies from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $240.36.

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.