SPX Technologies, Inc. (NYSE:SPXC – Get Free Report) Director Brian Deck bought 3,000 shares of the business’s stock in a transaction that occurred 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 $614,960.28. This trade represents a 404.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.
SPX Technologies Trading Down 9.9%
SPXC opened at $138.31 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. SPX Technologies, Inc. has a fifty-two week low of $137.86 and a fifty-two week high of $251.08. The company’s 50 day moving average price is $174.64 and its two-hundred day moving average price is $206.33. The firm has a market capitalization of $6.93 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.01 and a beta of 1.26.
SPX Technologies (NYSE:SPXC – Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.09. The firm had revenue of $714.50 million during the quarter, compared to the consensus estimate of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.84 earnings per share. As a group, research analysts predict that SPX Technologies, Inc. will post 8.39 earnings per share for the current year.
Institutional Investors Weigh In On SPX Technologies
Hedge funds and other institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC raised its holdings in shares of SPX Technologies by 181.2% during the 2nd quarter. Hsbc Holdings PLC now owns 9,106 shares of the company’s stock valued at $2,222,000 after buying an additional 5,868 shares in the last quarter. Amundi boosted its stake in SPX Technologies by 31.2% in the second quarter. Amundi now owns 324,732 shares of the company’s stock worth $79,645,000 after buying an additional 77,148 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in SPX Technologies in the first quarter worth approximately $1,000,000. Squarepoint Ops LLC bought a new position in SPX Technologies during the second quarter valued at approximately $14,194,000. Finally, Bank of America Corp DE bought a new position in SPX Technologies during the second quarter valued at approximately $86,545,000. 92.82% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on SPXC. Wall Street Zen raised shares of SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. B. Riley Financial cut their price target on shares of SPX Technologies from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, October 26th. Citigroup reissued a “buy” rating on shares of SPX Technologies in a report on Friday, October 30th. Oppenheimer reduced their target price on shares of SPX Technologies from $265.00 to $260.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Truist Financial reiterated a “buy” rating and issued a $233.00 price objective (down from $266.00) on shares of SPX Technologies in a research note on Monday. One investment 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $240.36.
Get Our Latest Stock Analysis on SPX Technologies
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.
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