SPX Technologies (NYSE:SPXC) Stock Price Down 3.3% – Here’s What Happened

Shares of SPX Technologies, Inc. (NYSE:SPXC) fell 3.3% during trading on Friday . The company traded as low as $166.00 and last traded at $166.00. 81,212 shares traded hands during trading, a decline of 67% from the average session volume of 247,628 shares. The stock had previously closed at $171.73.

Wall Street Analyst Weigh In

Separately, Oppenheimer lowered SPX Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, July 18th.

SPX Technologies Stock Down 4.0 %

The company has a current ratio of 1.28, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The stock has a market cap of $7.63 billion, a PE ratio of 77.36, a P/E/G ratio of 1.70 and a beta of 1.21. The business has a 50 day moving average of $156.81 and a 200-day moving average of $143.78.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.17. SPX Technologies had a net margin of 5.53% and a return on equity of 19.20%. The business had revenue of $501.30 million for the quarter, compared to analysts’ expectations of $492.08 million. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.06 EPS. Equities research analysts predict that SPX Technologies, Inc. will post 5.54 EPS for the current fiscal year.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently made changes to their positions in SPXC. First Bank & Trust acquired a new stake in SPX Technologies in the 1st quarter valued at approximately $256,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in SPX Technologies during the 1st quarter worth about $214,000. First Trust Direct Indexing L.P. acquired a new stake in shares of SPX Technologies during the first quarter worth approximately $203,000. Principal Financial Group Inc. increased its stake in shares of SPX Technologies by 86.8% in the first quarter. Principal Financial Group Inc. now owns 443,408 shares of the company’s stock worth $54,597,000 after acquiring an additional 206,054 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in shares of SPX Technologies in the 1st quarter valued at approximately $280,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

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.