SPX Technologies (NYSE:SPXC) Sets New 1-Year High – Here’s Why

SPX Technologies, Inc. (NYSE:SPXC)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $173.64 and last traded at $172.82, with a volume of 63671 shares traded. The stock had previously closed at $166.62.

SPX Technologies Stock Up 2.0 %

The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. The stock has a 50 day simple moving average of $161.84 and a 200 day simple moving average of $151.02. The firm has a market capitalization of $8.16 billion, a PE ratio of 47.31, a PEG ratio of 1.73 and a beta of 1.22.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. The business had revenue of $483.70 million for the quarter, compared to analysts’ expectations of $501.02 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 EPS. As a group, sell-side analysts forecast that SPX Technologies, Inc. will post 5.56 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of SPX Technologies by 3.5% during the first quarter. Vanguard Group Inc. now owns 5,173,939 shares of the company’s stock valued at $637,067,000 after buying an additional 173,021 shares during the period. State Street Corp increased its stake in shares of SPX Technologies by 1.3% during the third quarter. State Street Corp now owns 1,729,989 shares of the company’s stock valued at $275,864,000 after buying an additional 22,177 shares during the period. Earnest Partners LLC increased its stake in shares of SPX Technologies by 3.3% during the second quarter. Earnest Partners LLC now owns 1,066,426 shares of the company’s stock valued at $151,582,000 after buying an additional 33,675 shares during the period. Geode Capital Management LLC increased its stake in shares of SPX Technologies by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,033,825 shares of the company’s stock valued at $164,888,000 after buying an additional 8,916 shares during the period. Finally, Janus Henderson Group PLC grew its stake in SPX Technologies by 45.3% in the third quarter. Janus Henderson Group PLC now owns 696,713 shares of the company’s stock worth $111,100,000 after purchasing an additional 217,316 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

About SPX Technologies

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.