SPX Technologies (NYSE:SPXC) Hits New 52-Week High – Here’s What Happened

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

SPX Technologies Price Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The business’s 50 day moving average price is $160.86 and its 200 day moving average price is $150.58. The stock has a market capitalization of $8.00 billion, a P/E ratio of 44.80, a price-to-earnings-growth ratio of 1.68 and a beta of 1.22.

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

Hedge Funds Weigh In On SPX Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in SPXC. Conestoga Capital Advisors LLC purchased a new stake in SPX Technologies during the second quarter valued at approximately $51,070,000. Janus Henderson Group PLC lifted its position in SPX Technologies by 45.3% during the third quarter. Janus Henderson Group PLC now owns 696,713 shares of the company’s stock valued at $111,100,000 after purchasing an additional 217,316 shares in the last quarter. Capital International Investors bought a new stake in SPX Technologies during the first quarter valued at about $21,819,000. Select Equity Group L.P. purchased a new stake in SPX Technologies in the second quarter worth about $24,904,000. Finally, Hood River Capital Management LLC raised its stake in shares of SPX Technologies by 1,342.6% in the second quarter. Hood River Capital Management LLC now owns 187,537 shares of the company’s stock worth $26,657,000 after buying an additional 174,537 shares during the period. Hedge funds and other institutional investors own 92.82% of the company’s stock.

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.