SPX Technologies (NYSE:SPXC) Hits New 52-Week Low After Analyst Downgrade

Key Points

• SPX Technologies fell to a new 52-week low of $161.37 after Oppenheimer reduced its price target from $270 to $265, though it maintained an outperform rating.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $247; one analyst rates the stock a Strong Buy, 10 rate it Buy, and two rate it Hold.
• Recent quarterly results exceeded expectations: SPX reported EPS of $2.02 versus the $1.85 consensus and revenue of $679 million, up 22.9% year over year. Institutional investors and hedge funds own 92.82% of the shares.

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) reached a new 52-week low during trading on Thursday after Oppenheimer lowered their price target on the stock from $270.00 to $265.00. Oppenheimer currently has an outperform rating on the stock. SPX Technologies traded as low as $161.37 and last traded at $160.5850, with a volume of 30,728 shares. The stock had previously closed at $168.13.

Several other research analysts also recently commented on SPXC. Weiss Ratings downgraded SPX Technologies from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, September 21st. B. Riley Financial upped their target price on SPX Technologies from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Wells Fargo & Company dropped their price target on SPX Technologies from $250.00 to $243.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 13th. Robert W. Baird started coverage on SPX Technologies in a research report on Monday, October 5th. They set an "outperform" rating and a $220.00 price target on the stock. Finally, Truist Financial cut their price target on SPX Technologies from $301.00 to $266.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, SPX Technologies currently has an average rating of "Moderate Buy" and an average price target of $247.00.

Hedge Funds Weigh In On SPX Technologies

Hedge funds have recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC increased its holdings in SPX Technologies by 4.4% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,431 shares of the company's stock worth $286,000 after buying an additional 60 shares during the period. Compound Planning Inc. raised its position in SPX Technologies by 4.3% during the 1st quarter. Compound Planning Inc. now owns 1,625 shares of the company's stock worth $325,000 after buying an additional 67 shares during the last quarter. Parallel Advisors LLC lifted its stake in SPX Technologies by 38.1% during the 1st quarter. Parallel Advisors LLC now owns 312 shares of the company's stock valued at $62,000 after acquiring an additional 86 shares during the period. Rockefeller Capital Management L.P. lifted its stake in SPX Technologies by 24.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 557 shares of the company's stock valued at $111,000 after acquiring an additional 110 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in SPX Technologies by 9.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,259 shares of the company's stock valued at $213,000 after acquiring an additional 110 shares during the period. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Price Performance

The firm's fifty day moving average price is $185.17 and its 200 day moving average price is $206.87. The firm has a market capitalization of $8.00 billion, a PE ratio of 28.73, a P/E/G ratio of 1.06 and a beta of 1.24. The company has a current ratio of 1.82, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.17. The business had revenue of $679.00 million during the quarter, compared to analysts' expectations of $640.18 million. SPX Technologies had a return on equity of 16.53% and a net margin of 11.27%. The company's revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 EPS. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. As a group, equities analysts forecast that SPX Technologies, Inc. will post 8.48 earnings per share for the current year.

About SPX Technologies

SPX Technologies, Inc NYSE: SPXC is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.

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