SPX Technologies (NYSE:SPXC) Sets New 1-Year High – Time to Buy?

SPX Technologies, Inc. (NYSE:SPXC)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $242.57 and last traded at $242.3090, with a volume of 91306 shares changing hands. The stock had previously closed at $239.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. TD Cowen reissued a “hold” rating on shares of SPX Technologies in a report on Tuesday, January 6th. Weiss Ratings restated a “buy (b)” rating on shares of SPX Technologies in a report on Monday, December 29th. Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. B. Riley Financial reissued a “buy” rating and issued a $244.00 price target (up previously from $225.00) on shares of SPX Technologies in a research note on Wednesday, December 10th. Finally, Truist Financial lifted their price objective on SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, SPX Technologies has an average rating of “Moderate Buy” and an average target price of $225.29.

SPX Technologies Stock Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 2.47 and a quick ratio of 1.70. The stock has a fifty day simple moving average of $214.08 and a two-hundred day simple moving average of $202.66. The firm has a market capitalization of $12.04 billion, a P/E ratio of 51.73, a P/E/G ratio of 2.00 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 stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the transaction, the insider owned 38,020 shares of the company’s stock, valued at $8,188,367.40. This represents a 23.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John William Swann III sold 38,755 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total value of $7,986,242.85. Following the completion of the sale, the insider owned 64,266 shares of the company’s stock, valued at approximately $13,243,294.62. This represents a 37.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SPX Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. bought a new position in shares of SPX Technologies in the 3rd quarter worth $28,000. Cullen Frost Bankers Inc. lifted its stake in shares of SPX Technologies by 52.9% in the third quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock valued at $29,000 after buying an additional 54 shares in the last quarter. Optiver Holding B.V. grew its holdings in shares of SPX Technologies by 110.5% during the third quarter. Optiver Holding B.V. now owns 160 shares of the company’s stock valued at $30,000 after buying an additional 84 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of SPX Technologies during the second quarter worth about $31,000. Finally, Financial Consulate Inc. acquired a new stake in shares of SPX Technologies in the 3rd quarter worth about $34,000. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Company Profile

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.