SPX Technologies (NYSE:SPXC) Hits New 52-Week High – Time to Buy?

SPX Technologies, Inc. (NYSE:SPXC) hit a new 52-week high during trading on Wednesday . The company traded as high as $237.92 and last traded at $232.3520, with a volume of 34560 shares trading hands. The stock had previously closed at $231.20.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SPXC. Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. B. Riley Financial reissued a “buy” rating and issued a $244.00 target price (up from $225.00) on shares of SPX Technologies in a research report on Wednesday, December 10th. Truist Financial increased their price target on shares of SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Wells Fargo & Company started coverage on shares of SPX Technologies in a research note on Tuesday, October 14th. They issued an “overweight” rating and a $205.00 price objective for the company. Finally, TD Cowen reissued a “hold” rating on shares of SPX Technologies in a research report on Tuesday, January 6th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $214.14.

SPX Technologies Stock Performance

The stock’s 50-day moving average price is $211.88 and its 200 day moving average price is $201.12. 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 company has a market cap of $11.72 billion, a P/E ratio of 50.15, a price-to-earnings-growth ratio of 1.87 and a beta of 1.32.

Insider Buying and Selling at SPX Technologies

In other news, insider J Randall Data sold 12,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $215.37, for a total value of $2,584,440.00. Following the sale, the insider directly owned 38,020 shares of the company’s stock, valued at approximately $8,188,367.40. This trade represents a 23.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John William Swann III sold 38,755 shares of SPX Technologies stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $206.07, for a total value of $7,986,242.85. Following the completion of the transaction, the insider owned 64,266 shares in the company, valued at $13,243,294.62. The trade was a 37.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.32% of the company’s stock.

Institutional Trading of SPX Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. lifted its holdings in shares of SPX Technologies by 21.4% during the fourth quarter. Hantz Financial Services Inc. now owns 255 shares of the company’s stock worth $51,000 after buying an additional 45 shares during the last quarter. Lido Advisors LLC grew its stake in shares of SPX Technologies by 1.6% in the fourth quarter. Lido Advisors LLC now owns 3,104 shares of the company’s stock worth $586,000 after acquiring an additional 50 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in SPX Technologies by 52.9% during the third quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock worth $29,000 after acquiring an additional 54 shares during the period. Ameritas Investment Partners Inc. raised its stake in SPX Technologies by 1.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,661 shares of the company’s stock valued at $782,000 after purchasing an additional 56 shares during the last quarter. Finally, Intrust Bank NA boosted its holdings in SPX Technologies by 3.6% in the 4th quarter. Intrust Bank NA now owns 1,660 shares of the company’s stock valued at $332,000 after purchasing an additional 58 shares during the period. Institutional investors and hedge funds own 92.82% of the company’s stock.

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.