SPX Technologies (NYSE:SPXC) Sets New 1-Year High - Still a Buy?

Key Points

• SPX Technologies reached a new 52-week high, trading at $209.38, and closed at $204.98 with a volume of 15,269 shares.
• Analysts have raised target prices for SPX Technologies, with UBS Group setting a new target of $210.00 and a "buy" rating.
• The company reported a quarterly earnings per share of $1.65, exceeding estimates, and had a revenue increase of 10.2% year-over-year.

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $209.38 and last traded at $204.98, with a volume of 15269 shares traded. The stock had previously closed at $204.31.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SPXC. UBS Group lifted their price objective on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Oppenheimer increased their price objective on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, B. Riley assumed coverage on SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, SPX Technologies presently has a consensus rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Stock Performance

The business has a 50 day moving average price of $173.22 and a two-hundred day moving average price of $152.36. The stock has a market cap of $8.93 billion, a P/E ratio of 42.94, a price-to-earnings-growth ratio of 1.72 and a beta of 1.27. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.20. The business had revenue of $552.40 million for the quarter, compared to analysts' expectations of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%. The business's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. On average, sell-side analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the completion of the sale, the director directly owned 33,770 shares in the company, valued at approximately $5,167,147.70. The trade was a 16.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SPX Technologies

Several large investors have recently bought and sold shares of the company. Champlain Investment Partners LLC increased its stake in SPX Technologies by 12.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 459,574 shares of the company's stock worth $77,061,000 after buying an additional 50,359 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of SPX Technologies by 1.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,661 shares of the company's stock worth $782,000 after purchasing an additional 56 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in shares of SPX Technologies by 60.2% during the 2nd quarter. Coldstream Capital Management Inc. now owns 3,138 shares of the company's stock worth $526,000 after purchasing an additional 1,179 shares during the last quarter. Cynosure Group LLC boosted its holdings in shares of SPX Technologies by 21.3% during the 2nd quarter. Cynosure Group LLC now owns 2,987 shares of the company's stock worth $501,000 after purchasing an additional 524 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SPX Technologies by 2.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 650,803 shares of the company's stock worth $109,127,000 after purchasing an additional 14,941 shares during the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

SPX Technologies Company Profile

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.