SPX Technologies (NYSE:SPXC) Hits New 52-Week High at $135.92

Shares of SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $135.92 and last traded at $135.66, with a volume of 230303 shares. The stock had previously closed at $134.27.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a research report on Friday. William Blair reiterated an "outperform" rating on shares of SPX Technologies in a report on Friday. Oppenheimer raised their target price on SPX Technologies from $134.00 to $140.00 and gave the company an "outperform" rating in a report on Friday. Finally, UBS Group boosted their price target on shares of SPX Technologies from $90.00 to $126.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $133.00.

SPX Technologies Stock Performance

The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 65.50, a PEG ratio of 1.35 and a beta of 1.24. The firm has a 50 day moving average price of $119.49 and a 200-day moving average price of $103.68. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.12 and a quick ratio of 0.70.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.19. SPX Technologies had a return on equity of 18.18% and a net margin of 5.32%. The company had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. During the same quarter last year, the company earned $0.93 EPS. SPX Technologies's revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, sell-side analysts expect that SPX Technologies, Inc. will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction on Friday, March 1st. The shares were sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the sale, the chief executive officer now directly owns 597,936 shares of the company's stock, valued at approximately $69,049,649.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the firm's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the sale, the insider now owns 82,884 shares of the company's stock, valued at $9,747,987.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Eugene Joseph Lowe III sold 27,048 shares of the company's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the transaction, the chief executive officer now owns 597,936 shares of the company's stock, valued at approximately $69,049,649.28. The disclosure for this sale can be found here. Insiders sold 94,373 shares of company stock worth $10,962,146 over the last 90 days. 3.53% of the stock is owned by insiders.

Institutional Investors Weigh In On SPX Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James & Associates increased its position in SPX Technologies by 133.1% during the third quarter. Raymond James & Associates now owns 9,832 shares of the company's stock worth $800,000 after buying an additional 5,614 shares during the period. Brown Advisory Inc. increased its holdings in shares of SPX Technologies by 3.4% in the 3rd quarter. Brown Advisory Inc. now owns 84,307 shares of the company's stock valued at $6,863,000 after acquiring an additional 2,746 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in SPX Technologies by 9.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,612 shares of the company's stock valued at $782,000 after purchasing an additional 819 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in SPX Technologies by 9.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 259,230 shares of the company's stock worth $21,101,000 after purchasing an additional 22,593 shares during the period. Finally, TIAA Trust National Association purchased a new position in SPX Technologies during the 3rd quarter worth $234,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.

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