SPX Technologies (NYSE:SPXC) Sets New 12-Month High – Still a Buy?

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPXC. Wells Fargo & Company assumed coverage on SPX Technologies in a report on Tuesday, October 14th. They issued an “overweight” rating and a $205.00 price objective for the company. TD Cowen reissued a “hold” rating on shares of SPX Technologies in a research note on Tuesday, January 6th. Weiss Ratings restated a “buy (b)” rating on shares of SPX Technologies in a research note on Monday, December 29th. Truist Financial increased their target price on shares of SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. Finally, Wall Street Zen upgraded shares of SPX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, SPX Technologies presently has an average rating of “Moderate Buy” and an average target price of $214.14.

SPX Technologies Price Performance

The firm has a market capitalization of $11.72 billion, a P/E ratio of 50.15, a P/E/G ratio of 1.87 and a beta of 1.32. The business’s fifty day moving average is $211.88 and its 200 day moving average is $201.12. The company has a current ratio of 2.47, a quick ratio of 1.70 and a debt-to-equity ratio of 0.23.

Insider Buying and Selling at SPX Technologies

In related news, insider John William Swann III sold 38,755 shares of SPX Technologies stock in a transaction on 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 transaction, the insider directly owned 64,266 shares in the company, valued at $13,243,294.62. The trade was a 37.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider J Randall Data sold 12,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were 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 represents a 23.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Hazlett Burt & Watson Inc. acquired a new stake in shares of SPX Technologies during the third quarter worth approximately $28,000. Cullen Frost Bankers Inc. boosted its stake in shares of SPX Technologies by 52.9% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock valued at $29,000 after buying an additional 54 shares during the period. Optiver Holding B.V. grew its holdings in shares of SPX Technologies by 110.5% during the 3rd quarter. Optiver Holding B.V. now owns 160 shares of the company’s stock valued at $30,000 after acquiring an additional 84 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in shares of SPX Technologies in the second quarter worth $31,000. Finally, Financial Consulate Inc. purchased a new stake in shares of SPX Technologies during the third quarter worth $34,000. Hedge funds and other institutional investors 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.