SPX Technologies (NYSE:SPXC) Director Acquires $493,020.00 in Stock

SPX Technologies, Inc. (NYSE:SPXC) Director Brian Deck purchased 3,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was purchased at an average price of $164.34 per share, with a total value of $493,020.00. Following the acquisition, the director directly owned 3,742 shares of the company’s stock, valued at $614,960.28. This trade represents a 404.31% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

SPX Technologies Stock Up 2.8%

Shares of NYSE:SPXC opened at $142.46 on Friday. SPX Technologies, Inc. has a 52-week low of $137.86 and a 52-week high of $251.08. The stock has a market cap of $7.14 billion, a P/E ratio of 24.15, a price-to-earnings-growth ratio of 0.94 and a beta of 1.26. The business’s 50 day moving average is $173.38 and its 200 day moving average is $205.96. The company has a quick ratio of 1.17, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Thursday, October 29th. The company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.12 by $0.09. The company had revenue of $714.50 million for the quarter, compared to the consensus estimate of $710.38 million. SPX Technologies had a return on equity of 16.96% and a net margin of 11.48%. During the same period last year, the business posted $1.84 EPS. SPX Technologies’s quarterly revenue was up 20.5% on a year-over-year basis. Sell-side analysts predict that SPX Technologies, Inc. will post 8.39 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SPXC. Allworth Financial LP increased its position in SPX Technologies by 63.4% during the 3rd quarter. Allworth Financial LP now owns 469 shares of the company’s stock valued at $80,000 after buying an additional 182 shares in the last quarter. King Luther Capital Management Corp boosted its holdings in SPX Technologies by 9.7% in the third quarter. King Luther Capital Management Corp now owns 18,606 shares of the company’s stock worth $3,155,000 after acquiring an additional 1,648 shares in the last quarter. Machina Capital S.A.S. acquired a new stake in SPX Technologies in the third quarter worth about $427,000. Lido Advisors LLC boosted its holdings in SPX Technologies by 2.5% in the third quarter. Lido Advisors LLC now owns 3,122 shares of the company’s stock worth $529,000 after acquiring an additional 76 shares in the last quarter. Finally, New York Life Investment Management LLC grew its stake in shares of SPX Technologies by 19.4% during the third quarter. New York Life Investment Management LLC now owns 7,190 shares of the company’s stock worth $1,219,000 after acquiring an additional 1,166 shares during the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SPXC shares. Weiss Ratings downgraded SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Wolfe Research started coverage on shares of SPX Technologies in a report on Tuesday, September 15th. They set an “outperform” rating and a $250.00 target price on the stock. Truist Financial reiterated a “buy” rating and set a $233.00 target price (down from $266.00) on shares of SPX Technologies in a report on Monday, November 2nd. Oppenheimer cut their target price on shares of SPX Technologies from $265.00 to $260.00 and set an “outperform” rating on the stock in a research report on Monday, November 2nd. Finally, Wells Fargo & Company reduced their price target on shares of SPX Technologies from $250.00 to $243.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $240.36.

About SPX Technologies

SPX Technologies, Inc is a global supplier of engineered products and technologies, serving customers in markets that include commercial and residential buildings, infrastructure, and industrial applications. The company operates through its HVAC and Detection and Measurement businesses.

Its HVAC products include cooling towers, boilers, heating equipment, ventilation and air treatment systems, and related components. Its Detection and Measurement business provides technologies used to locate and inspect underground utilities, as well as communication and measurement products for specialized applications.

SPX Technologies sells products and services to customers around the world through a portfolio of established brands.