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

On Friday, shares of SPX Technologies, Inc. (NYSE:SPXC) experienced a decline of 3.3%. The stock traded as low as $166.00, concluding the day at the same price. Approximately 81,212 shares were exchanged during the day's trading, a significant decrease of 67% compared to the average trading volume of 247,628 shares. The previous closing price stood at $171.73.

Wall Street Analyst Insights

In a recent report, Oppenheimer downgraded SPX Technologies' rating from "outperform" to "market perform" on July 18.

Stock Performance Overview

Currently, SPX Technologies holds a current ratio of 1.28, a quick ratio of 0.81, and a debt-to-equity ratio of 0.40. The company's market capitalization is approximately $7.63 billion, with a price-to-earnings (PE) ratio of 77.36 and a P/E/G ratio of 1.70. The stock has a beta of 1.21, indicating it is slightly more volatile than the market. As for its moving averages, the stock has a 50-day moving average of $156.81 and a 200-day moving average of $143.78.

SPX Technologies recently released its quarterly earnings report on August 1, where it posted earnings of $1.42 per share for the quarter, surpassing 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 amounted to $501.30 million, surpassing predicted figures of $492.08 million. This revenue figure also reflected an 18.4% increase compared to the same quarter last year when SPXC reported $1.06 per share.

Institutional Investors and Hedge Funds

Recent activity among institutional investors indicates a shift in SPX Technologies' shareholder composition. First Bank & Trust entered a new position in SPX during the first quarter, valued at around $256,000. Similarly, Sumitomo Mitsui Trust Holdings Inc. and First Trust Direct Indexing L.P. also acquired new stakes in the company, valued at approximately $214,000 and $203,000, respectively. Meanwhile, Principal Financial Group Inc. significantly increased its holding by 86.8%, owning now a total of 443,408 shares worth about $54.6 million after acquiring an additional 206,054 shares. Currently, institutional investors and hedge funds own approximately 92.82% of SPX Technologies' shares.

Company Background

SPX Technologies, Inc. provides vital infrastructure equipment catering to markets including heating, ventilation, and cooling (HVAC), as well as detection and measurement. The company operates across two key segments: HVAC and Detection and Measurement. The HVAC division focuses on engineering, designing, manufacturing, and servicing packaged and process cooling products and engineered air movement solutions, which serve industrial, power generation, residential, and commercial markets.

Investment Considerations

Before making any investment in SPX Technologies, potential investors should consider expert advice. Current ratings lean towards holding, while analysts recommend exploring other opportunities they regard as more promising. Investors are encouraged to assess their options before deciding to buy SPX Technologies stock.

SPX, Stock, Earnings