SPX Technologies (NYSE:SPXC) Sees Unusually-High Trading Volume - Should You Buy?

Key Points

• SPX Technologies experienced a significant increase in trading volume, with approximately 761,598 shares traded, a rise of 154% from the previous session.
• Analysts have given SPX Technologies an average rating of "Buy" with a target price of $195.20, with several investment firms recently raising their price targets.
• The company reported earnings of $1.65 per share for the last quarter, surpassing estimates and indicating a revenue increase of 10.2% year-over-year.

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) shares saw strong trading volume on Wednesday . 761,598 shares were traded during mid-day trading, an increase of 154% from the previous session's volume of 299,409 shares.The stock last traded at $188.78 and had previously closed at $191.17.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. B. Riley assumed coverage on SPX Technologies in a research report on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price for the company. UBS Group lifted their target price on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Oppenheimer lifted their target price on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Five investment 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.com, the stock currently has a consensus rating of "Buy" and an average target price of $195.20.

SPX Technologies Stock Down 0.2%

The firm has a market cap of $8.70 billion, a price-to-earnings ratio of 41.83, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average of $175.11 and a 200-day moving average of $153.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. During the same quarter in the previous year, the firm posted $1.42 EPS. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Insider Transactions at SPX Technologies

In related 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 transaction, the director owned 33,770 shares in the company, valued at $5,167,147.70. The trade was a 16.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.32% of the stock is owned by corporate insiders.

Institutional Trading of SPX Technologies

Hedge funds have recently added to or reduced their stakes in the business. Twin Peaks Wealth Advisors LLC bought a new stake in SPX Technologies during the 2nd quarter valued at $31,000. MAI Capital Management raised its stake in SPX Technologies by 80.9% during the 2nd quarter. MAI Capital Management now owns 208 shares of the company's stock valued at $35,000 after acquiring an additional 93 shares in the last quarter. NBC Securities Inc. bought a new stake in SPX Technologies during the 1st quarter valued at $27,000. Eastern Bank bought a new stake in shares of SPX Technologies in the 1st quarter worth $38,000. Finally, SVB Wealth LLC bought a new stake in shares of SPX Technologies in the 1st quarter worth $39,000. Institutional investors own 92.82% of the company's stock.

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.