SPX Technologies (NYSE:SPXC) Shares Down 5.6% – What’s Next?

SPX Technologies, Inc. (NYSE:SPXC)’s stock price dropped 5.6% during mid-day trading on Friday . The stock traded as low as $221.71 and last traded at $220.50. Approximately 523,472 shares changed hands during trading, an increase of 5% from the average daily volume of 496,680 shares. The stock had previously closed at $233.49.

Wall Street Analyst Weigh In

Several research analysts have commented on SPXC shares. Wall Street Zen downgraded SPX Technologies from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Truist Financial lifted their target price on SPX Technologies from $251.00 to $261.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Wells Fargo & Company lifted their price objective on SPX Technologies from $225.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. BMO Capital Markets started coverage on SPX Technologies in a research note on Friday, March 27th. They issued an “outperform” rating and a $243.00 price objective on the stock. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of SPX Technologies in a research note on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, SPX Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $249.44.

SPX Technologies Stock Performance

The stock has a 50 day moving average of $214.60 and a 200 day moving average of $213.98. The company has a quick ratio of 1.39, a current ratio of 2.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $11.52 billion, a price-to-earnings ratio of 45.05, a price-to-earnings-growth ratio of 1.69 and a beta of 1.28.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.14. The company had revenue of $566.80 million for the quarter, compared to analyst estimates of $557.62 million. SPX Technologies had a return on equity of 16.98% and a net margin of 10.76%.The firm’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 earnings per share. SPX Technologies has set its FY 2026 guidance at 7.750-8.150 EPS. As a group, analysts predict that SPX Technologies, Inc. will post 7.98 EPS for the current year.

Institutional Investors Weigh In On SPX Technologies

A number of hedge funds have recently added to or reduced their stakes in SPXC. Royal Bank of Canada increased its holdings in SPX Technologies by 8.1% in the first quarter. Royal Bank of Canada now owns 38,386 shares of the company’s stock worth $4,942,000 after purchasing an additional 2,892 shares in the last quarter. AQR Capital Management LLC increased its holdings in SPX Technologies by 74.5% in the first quarter. AQR Capital Management LLC now owns 20,734 shares of the company’s stock worth $2,670,000 after purchasing an additional 8,854 shares in the last quarter. Millennium Management LLC increased its holdings in SPX Technologies by 214.4% in the first quarter. Millennium Management LLC now owns 83,285 shares of the company’s stock worth $10,725,000 after purchasing an additional 56,799 shares in the last quarter. NewEdge Advisors LLC increased its holdings in SPX Technologies by 21.8% in the first quarter. NewEdge Advisors LLC now owns 625 shares of the company’s stock worth $80,000 after purchasing an additional 112 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in SPX Technologies by 1.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 192,129 shares of the company’s stock worth $24,742,000 after purchasing an additional 3,353 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors.

About SPX Technologies

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.