SPX Technologies (NYSE:SPXC) Reaches New 1-Year Low – Here’s Why

SPX Technologies, Inc. (NYSE:SPXC)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $178.35 and last traded at $178.43, with a volume of 79820 shares trading hands. The stock had previously closed at $183.19.

Analyst Upgrades and Downgrades

SPXC has been the subject of several research analyst reports. B. Riley Financial boosted their price objective on shares of SPX Technologies from $280.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wolfe Research reiterated an “outperform” rating and issued a $250.00 price target on shares of SPX Technologies in a research note on Tuesday. Oppenheimer reissued an “outperform” rating and set a $280.00 price target (up from $272.00) on shares of SPX Technologies in a report on Monday, July 20th. Weiss Ratings upgraded SPX Technologies from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, September 4th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $301.00 price objective (up from $295.00) on shares of SPX Technologies in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $264.89.

SPX Technologies Stock Performance

The firm has a market cap of $8.90 billion, a P/E ratio of 31.95, a P/E/G ratio of 1.25 and a beta of 1.27. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 1.82. The company’s 50 day moving average is $208.00 and its 200 day moving average is $213.50.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, July 30th. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.17. SPX Technologies had a net margin of 11.27% and a return on equity of 16.53%. The company had revenue of $679.00 million during the quarter, compared to the consensus estimate of $640.18 million. During the same period in the prior year, the business earned $1.65 earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. As a group, equities analysts predict that SPX Technologies, Inc. will post 8.47 earnings per share for the current fiscal year.

Institutional Trading of SPX Technologies

Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in SPX Technologies in the 1st quarter valued at approximately $1,000,000. Oppenheimer Asset Management Inc. acquired a new stake in SPX Technologies during the 2nd quarter worth approximately $4,903,000. Principal Financial Group Inc. grew its holdings in SPX Technologies by 4.1% during the 1st quarter. Principal Financial Group Inc. now owns 445,434 shares of the company’s stock worth $89,060,000 after acquiring an additional 17,524 shares during the last quarter. Bank of America Corp DE grew its holdings in SPX Technologies by 13.0% during the 1st quarter. Bank of America Corp DE now owns 316,883 shares of the company’s stock worth $63,358,000 after acquiring an additional 36,340 shares during the last quarter. Finally, Inceptionr LLC increased its position in SPX Technologies by 101.6% in the 4th quarter. Inceptionr LLC now owns 5,691 shares of the company’s stock valued at $1,139,000 after acquiring an additional 2,868 shares during the period. 92.82% of the stock is owned by institutional investors and hedge funds.

About SPX Technologies

SPX Technologies, Inc is a Charlotte, North Carolina-based industrial technology company that provides equipment and services used in heating, ventilation, air conditioning, cooling, and infrastructure applications. The company serves customers in commercial, industrial, utility, and residential markets through operations in North America and internationally.

SPX Technologies operates through two principal segments: HVAC and Detection & Measurement. Its HVAC businesses develop and manufacture cooling towers, evaporative cooling systems, air-conditioning and heating equipment, boilers, and related products.