SPX Technologies (NYSE:SPXC) Sets New 12-Month High – Here’s Why

Shares of SPX Technologies, Inc. (NYSE:SPXC) reached a new 52-week high during trading on Wednesday . The stock traded as high as $237.92 and last traded at $232.3520, with a volume of 34560 shares changing hands. The stock had previously closed at $231.20.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Bank of America upgraded shares of SPX Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $240.00 to $280.00 in a research report on Friday. B. Riley Financial reissued a “buy” rating and set a $244.00 price target (up previously from $225.00) on shares of SPX Technologies in a report on Wednesday, December 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SPX Technologies in a research note on Monday, December 29th. TD Cowen reiterated a “hold” rating on shares of SPX Technologies in a research report on Tuesday, January 6th. Finally, Truist Financial boosted their target price on SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $225.29.

SPX Technologies Stock Performance

The company’s 50-day simple moving average is $212.82 and its 200-day simple moving average is $201.56. The stock has a market capitalization of $11.91 billion, a price-to-earnings ratio of 51.16, a PEG ratio of 1.95 and a beta of 1.32. The company has a current ratio of 2.47, a quick ratio of 1.70 and a debt-to-equity ratio of 0.23.

Insider Buying and Selling at SPX Technologies

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of SPX Technologies by 4.6% during the third quarter. Vanguard Group Inc. now owns 5,298,472 shares of the company’s stock worth $989,649,000 after buying an additional 232,436 shares during the period. Invesco Ltd. boosted its position in SPX Technologies by 62.4% during the third quarter. Invesco Ltd. now owns 1,879,216 shares of the company’s stock valued at $351,000,000 after acquiring an additional 722,039 shares during the last quarter. Capital International Investors acquired a new stake in SPX Technologies during the 4th quarter worth about $307,494,000. Geode Capital Management LLC raised its position in shares of SPX Technologies by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 1,213,809 shares of the company’s stock worth $242,874,000 after acquiring an additional 63,889 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of SPX Technologies by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 667,605 shares of the company’s stock valued at $124,695,000 after purchasing an additional 2,631 shares during the period. Institutional investors and hedge funds own 92.82% of the company’s stock.

About SPX Technologies

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.