SPX Technologies (NYSE:SPXC) Sets New 1-Year Low - Here's What Happened

Key Points

• SPX Technologies fell to a new 52-week low, trading as low as $145.88 and last quoted at $145.18, down from its prior close of $153.47.
• Despite the share-price decline, the company beat quarterly expectations, reporting EPS of $2.21 versus $2.12 forecast and revenue of $714.5 million, up 20.5% year over year.
• Analysts’ consensus rating remains Moderate Buy, with an average price target of $240.36, although recent ratings were mixed and B. Riley lowered its target to $250.

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) hit a new 52-week low on Thursday. The company traded as low as $145.88 and last traded at $145.1790, with a volume of 128,501 shares changing hands. The stock had previously closed at $153.47.

Wall Street Analyst Weigh In

SPXC has been the subject of a number of research reports. Wall Street Zen raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, October 31st. Weiss Ratings downgraded shares of SPX Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday. B. Riley Financial cut their price target on shares of SPX Technologies from $285.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, October 26th. Citigroup reaffirmed a "buy" rating on shares of SPX Technologies in a research note on Friday, October 30th. Finally, Wolfe Research initiated coverage on SPX Technologies in a research note on Tuesday, September 15th. They issued an "outperform" rating and a $250.00 target price for the company. One research 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $240.36.

SPX Technologies Stock Down 7.3%

The firm has a market cap of $7.13 billion, a PE ratio of 24.06, a PEG ratio of 1.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.84. The company's 50-day simple moving average is $175.98 and its two-hundred day simple moving average is $206.72.

SPX Technologies (NYSE:SPXC - Get Free Report) last released 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. The firm had revenue of $714.50 million for the quarter, compared to analysts' expectations of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. The company's revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.84 earnings per share. On average, analysts predict that SPX Technologies, Inc. will post 8.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SPX Technologies

Several hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC lifted its position 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 acquiring an additional 5,868 shares in the last quarter. Amundi increased its holdings in shares of SPX Technologies by 31.2% in the 2nd quarter. Amundi now owns 324,732 shares of the company's stock worth $79,645,000 after purchasing an additional 77,148 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of SPX Technologies in the first quarter worth $1,000,000. Squarepoint Ops LLC purchased 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 shares of SPX Technologies in the second quarter worth $86,545,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

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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