SPX Technologies (NYSE:SPXC) Stock Price Down 6% – What’s Next?

Shares of SPX Technologies, Inc. (NYSE:SPXC) dropped 6% on Tuesday . The company traded as low as $194.55 and last traded at $193.19. Approximately 20,404 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 200,695 shares. The stock had previously closed at $205.44.

Wall Street Analyst Weigh In

SPXC has been the subject of a number of analyst reports. Wells Fargo & Company began coverage on SPX Technologies in a research note on Tuesday, October 14th. They set an “overweight” rating and a $205.00 price objective for the company. Truist Financial raised their target price on SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of SPX Technologies in a research report on Monday, December 29th. B. Riley reiterated a “buy” rating and issued a $244.00 price target (up from $225.00) on shares of SPX Technologies in a research report on Wednesday, December 10th. Finally, Bank of America began coverage on shares of SPX Technologies in a research note on Wednesday, October 8th. They set a “neutral” rating and a $202.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, SPX Technologies has an average rating of “Moderate Buy” and a consensus target price of $214.14.

SPX Technologies Stock Down 0.6%

The company has a market capitalization of $10.30 billion, a P/E ratio of 44.27, a P/E/G ratio of 1.74 and a beta of 1.33. The company has a quick ratio of 1.70, a current ratio of 2.47 and a debt-to-equity ratio of 0.23. The firm has a fifty day simple moving average of $211.13 and a 200-day simple moving average of $193.66.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, October 30th. The company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.24. SPX Technologies had a return on equity of 18.68% and a net margin of 10.33%.The business had revenue of $592.80 million during the quarter, compared to analyst estimates of $574.32 million. During the same period in the previous year, the firm earned $1.39 EPS. SPX Technologies’s quarterly revenue was up 22.6% compared to the same quarter last year. SPX Technologies has set its FY 2025 guidance at 6.650-6.800 EPS. On average, equities research analysts expect that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Insider Activity at SPX Technologies

In related news, insider J Randall Data sold 12,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total value of $2,584,440.00. Following the completion of the transaction, the insider directly owned 38,020 shares of the company’s stock, valued at approximately $8,188,367.40. This represents a 23.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John William Swann III sold 38,755 shares of the stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $206.07, for a total value of $7,986,242.85. Following the transaction, the insider owned 64,266 shares of the company’s stock, valued at approximately $13,243,294.62. This trade represents a 37.62% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its position in SPX Technologies by 8.1% in the 1st quarter. Royal Bank of Canada now owns 38,386 shares of the company’s stock valued at $4,942,000 after buying an additional 2,892 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of SPX Technologies by 74.5% in the first quarter. AQR Capital Management LLC now owns 20,734 shares of the company’s stock valued at $2,670,000 after purchasing an additional 8,854 shares during the last quarter. Millennium Management LLC lifted its position in shares of SPX Technologies by 214.4% in the first quarter. Millennium Management LLC now owns 83,285 shares of the company’s stock worth $10,725,000 after purchasing an additional 56,799 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of SPX Technologies by 21.8% in the first quarter. NewEdge Advisors LLC now owns 625 shares of the company’s stock worth $80,000 after purchasing an additional 112 shares in the last quarter. Finally, United Services Automobile Association acquired a new position in SPX Technologies during the first quarter worth $400,000. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Company Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.