Insider Buying: SPX Technologies (NYSE:SPXC) Director Buys $140,750.00 in Stock

Key Points

• SPX Technologies director Brian Deck bought 1,000 shares for $140,750, increasing his holdings by 26.72% to 4,742 shares.
• Quarterly results topped expectations: EPS was $2.21 versus a $2.12 consensus, while revenue rose 20.5% year over year to $714.5 million.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $241.90; shares traded at $150.03 in Tuesday’s mid-day session.

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) Director Brian Deck acquired 1,000 shares of the company's stock in a transaction dated Friday, November 6th. The stock was acquired at an average price of $140.75 per share, with a total value of $140,750.00. Following the purchase, the director owned 4,742 shares in the company, valued at approximately $667,436.50. This represents a 26.72% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

SPX Technologies Price Performance

Shares of SPXC traded down $0.89 during mid-day trading on Tuesday, reaching $150.03. The company had a trading volume of 510,625 shares, compared to its average volume of 585,048. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. The company has a market capitalization of $7.52 billion, a P/E ratio of 25.43, a P/E/G ratio of 1.01 and a beta of 1.26. SPX Technologies, Inc. has a twelve month low of $137.86 and a twelve month high of $251.08. The company's 50-day moving average is $172.43 and its 200-day moving average is $205.61.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The company reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.09. SPX Technologies had a return on equity of 16.96% and a net margin of 11.48%. The company had revenue of $714.50 million during the quarter, compared to analysts' expectations of $710.38 million. During the same period last year, the business earned $1.84 earnings per share. The business's revenue was up 20.5% on a year-over-year basis. On average, equities analysts anticipate that SPX Technologies, Inc. will post 8.39 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on SPXC shares. Wolfe Research assumed coverage on SPX Technologies in a report on Tuesday, September 15th. They issued an "outperform" rating and a $250.00 target price on the stock. Weiss Ratings lowered SPX Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, November 3rd. Oppenheimer reduced their price objective on SPX Technologies from $265.00 to $260.00 and set an "outperform" rating on the stock in a research note on Monday, November 2nd. Wells Fargo & Company decreased their target price on SPX Technologies from $250.00 to $243.00 and set an "overweight" rating on the stock in a report on Tuesday, October 13th. Finally, Robert W. Baird assumed coverage on SPX Technologies in a research note on Monday, October 5th. They issued an "outperform" rating and a $220.00 target price for the company. One 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $241.90.

Institutional Investors Weigh In On SPX Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC increased its stake in SPX Technologies by 181.2% in 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 during the last quarter. Amundi raised its stake in SPX Technologies by 31.2% in the 2nd quarter. Amundi now owns 324,732 shares of the company's stock valued at $79,645,000 after acquiring an additional 77,148 shares during the period. Renaissance Technologies LLC bought a new position in SPX Technologies in the 1st quarter worth approximately $1,000,000. Squarepoint Ops LLC bought a new position in shares of SPX Technologies in the second quarter worth $14,194,000. Finally, Bank of America Corp DE purchased a new position in SPX Technologies during the 2nd quarter valued at about $86,545,000. Institutional investors own 92.82% of the company's stock.

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.

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