SPX Technologies (NYSE:SPXC) Stock Price Down 3.3% - What You Need to Know

SPX Technologies, Inc. (NYSE:SPXC) saw its stock price decrease by 3.3% in trading on Friday, with shares hitting a low of $166.00. The stock ended the day at $166.00, while 81,212 shares changed hands. This trading volume represents a substantial decline of 67% compared to the average trading volume of 247,628 shares. The previous closing price for SPX Technologies was $171.73.

Analysis from Wall Street

In recent updates, Oppenheimer has downgraded SPX Technologies from an “outperform” rating to a “market perform” rating, which may have influenced investor sentiment.

Company Financial Metrics

SPX Technologies’ financial ratios include a current ratio of 1.28, a quick ratio of 0.81, and a modest debt-to-equity ratio of 0.40. The company boasts a market capitalization of $7.63 billion and a price-to-earnings (P/E) ratio of 77.36, along with a price-to-earnings growth (P/E/G) ratio of 1.70. The stock's beta stands at 1.21, indicating its volatility relative to the market. For additional context, SPX Technologies has a 50-day moving average of $156.81 and a 200-day moving average of $143.78.

The latest quarterly earnings report from SPX Technologies was shared on August 1st, during which the company announced earnings per share (EPS) of $1.42. This figure surpassed analysts' expectations of $1.25 by $0.17. The company recorded a net margin of 5.53% and a return on equity of 19.20%. Revenue for the quarter reached $501.30 million, exceeding the anticipated $492.08 million. Compared to the same quarter the previous year, revenue saw an increase of 18.4%, with last year’s EPS at $1.06. Analysts project that SPX Technologies will announce an EPS of 5.54 for the current fiscal year.

Institutional Investor Activity

Recent changes in investment positions indicate that several institutional investors and hedge funds are active regarding SPX Technologies. For instance, First Bank & Trust acquired a new stake valued at approximately $256,000 during the first quarter. Additionally, Sumitomo Mitsui Trust Holdings Inc. invested around $214,000, while First Trust Direct Indexing L.P. made a new purchase worth roughly $203,000. Principal Financial Group Inc. increased its stake in SPX Technologies by 86.8%, now owning a total of 443,408 shares worth about $54.6 million after acquiring an additional 206,054 shares recently. Capstone Investment Advisors LLC also bought a new stake valued at about $280,000. Overall, hedge funds and institutional investors control 92.82% of SPX Technologies' stock.

Overview of SPX Technologies

SPX Technologies, Inc. provides essential infrastructure equipment, primarily in the heating, ventilation, and cooling (HVAC) sector, as well as detection and measurement markets on a global scale. The company operates in two main segments: HVAC and Detection and Measurement. Within the HVAC segment, SPX designs, manufactures, installs, and services various cooling and engineered air movement systems, serving both industrial and residential markets.

What’s Next for Investors?

With recent declines in SPX Technologies stock and a downgrade from analysts, current and potential investors may be wondering about the future of their investments. MarketBeat has identified several stocks that top analysts recommend instead of SPX Technologies, suggesting caution for those considering new investments in this stock.

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