SPX Technologies (NYSE:SPXC) Shares Gap Down - Here's Why

Key Points

• SPX Technologies (NYSE:SPXC) experienced a stock price drop, gapping down from $200.51 to an opening price of $193.00, with shares last trading at $194.54.
• Analysts remain optimistic about the company's performance, with a consensus "Buy" rating and an average target price of $195.20 from five analysts.
• SPX Technologies reported a strong quarter with $1.65 EPS, surpassing estimates, and a 10.2% year-over-year revenue increase, indicating positive growth trends.

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $200.51, but opened at $193.00. SPX Technologies shares last traded at $194.54, with a volume of 50,806 shares traded.

Wall Street Analysts Forecast Growth

SPXC has been the topic of a number of research reports. B. Riley initiated coverage on SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 price target on the stock. UBS Group upped their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Oppenheimer upped their price target on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $195.20.

SPX Technologies Stock Performance

The firm has a market capitalization of $9.27 billion, a price-to-earnings ratio of 44.54, a PEG ratio of 1.72 and a beta of 1.27. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28. The firm has a 50 day moving average price of $172.56 and a 200-day moving average price of $152.09.

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

Insider Buying and Selling

In related news, Director Rick D. Puckett sold 6,823 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total value of $1,043,987.23. Following the transaction, the director owned 33,770 shares of the company's stock, valued at $5,167,147.70. This represents a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 3.32% of the stock is owned by company insiders.

Institutional Trading of SPX Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in SPXC. MAI Capital Management grew its holdings in shares of SPX Technologies by 80.9% during the second quarter. MAI Capital Management now owns 208 shares of the company's stock worth $35,000 after buying an additional 93 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of SPX Technologies during the first quarter worth about $27,000. Eastern Bank purchased a new position in shares of SPX Technologies during the first quarter worth about $38,000. SVB Wealth LLC purchased a new position in shares of SPX Technologies during the first quarter worth about $39,000. Finally, Covestor Ltd grew its holdings in shares of SPX Technologies by 313.8% during the fourth quarter. Covestor Ltd now owns 389 shares of the company's stock worth $57,000 after buying an additional 295 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.

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.

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