SPX Technologies (NYSE:SPXC) Sets New 52-Week High – Time to Buy?

SPX Technologies, Inc. (NYSE:SPXC) shares reached a new 52-week high on Tuesday . The stock traded as high as $242.57 and last traded at $242.3090, with a volume of 91306 shares. The stock had previously closed at $239.00.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SPXC shares. Truist Financial lifted their price target on SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Wall Street Zen upgraded SPX Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Bank of America upgraded SPX Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $240.00 to $280.00 in a research note on Friday, February 13th. TD Cowen reiterated a “hold” rating on shares of SPX Technologies in a research note on Tuesday, January 6th. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $244.00 price target (up from $225.00) on shares of SPX Technologies in a report on Wednesday, December 10th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $225.29.

SPX Technologies Stock Down 0.1%

The company has a quick ratio of 1.70, a current ratio of 2.47 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $12.03 billion, a PE ratio of 51.67, a price-to-earnings-growth ratio of 1.66 and a beta of 1.32. The business’s 50-day moving average price is $215.52 and its 200-day moving average price is $203.51.

Insiders Place Their Bets

In other SPX Technologies news, insider J Randall Data sold 12,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 38,020 shares of the company’s stock, valued at $8,188,367.40. The trade was a 23.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

Institutional investors have recently added to or reduced their stakes in the company. Kennedy Capital Management LLC increased its position in shares of SPX Technologies by 271.0% in the 2nd quarter. Kennedy Capital Management LLC now owns 70,191 shares of the company’s stock valued at $11,770,000 after buying an additional 51,273 shares in the last quarter. Principal Financial Group Inc. boosted its position in SPX Technologies by 11.2% during the third quarter. Principal Financial Group Inc. now owns 550,863 shares of the company’s stock valued at $102,890,000 after purchasing an additional 55,482 shares during the last quarter. Moody Aldrich Partners LLC grew its position in shares of SPX Technologies by 18.8% in the 3rd quarter. Moody Aldrich Partners LLC now owns 33,475 shares of the company’s stock valued at $6,252,000 after acquiring an additional 5,290 shares during the period. Emerald Advisers LLC raised its stake in SPX Technologies by 13.6% in the third quarter. Emerald Advisers LLC now owns 153,507 shares of the company’s stock valued at $28,672,000 after buying an additional 18,403 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of SPX Technologies by 37.5% in the third quarter. Assenagon Asset Management S.A. now owns 231,673 shares of the company’s stock valued at $43,272,000 after purchasing an additional 63,174 shares during the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

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.