SPX Technologies (NYSE:SPXC) Shares Gap Up – Still a Buy?

SPX Technologies, Inc. (NYSE:SPXC) shares gapped up before the market opened on Wednesday . The stock had previously closed at $136.34, but opened at $152.64. SPX Technologies shares last traded at $153.46, with a volume of 124,137 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SPXC shares. UBS Group lowered their price objective on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Oppenheimer upgraded shares of SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price target on the stock in a research note on Wednesday. Sidoti upgraded SPX Technologies from a “neutral” rating to a “buy” rating in a research report on Wednesday. Finally, Wolfe Research initiated coverage on shares of SPX Technologies in a report on Monday, November 25th. They issued an “outperform” rating and a $199.00 price target for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.75.

SPX Technologies Stock Performance

The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. The stock has a market cap of $7.06 billion, a P/E ratio of 40.92, a PEG ratio of 1.33 and a beta of 1.29. The business has a 50 day moving average price of $146.96 and a 200 day moving average price of $155.53.

Institutional Trading of SPX Technologies

A number of large investors have recently made changes to their positions in SPXC. Armis Advisers LLC bought a new position in SPX Technologies in the 4th quarter worth about $319,000. Palisades Investment Partners LLC increased its holdings in SPX Technologies by 9.9% during the 4th quarter. Palisades Investment Partners LLC now owns 112,097 shares of the company’s stock worth $16,312,000 after purchasing an additional 10,109 shares during the period. Twinbeech Capital LP bought a new stake in SPX Technologies during the 4th quarter valued at $1,931,000. Two Sigma Investments LP lifted its holdings in shares of SPX Technologies by 90.8% in the 4th quarter. Two Sigma Investments LP now owns 13,607 shares of the company’s stock worth $1,980,000 after buying an additional 6,475 shares during the period. Finally, Tidal Investments LLC grew its position in shares of SPX Technologies by 10.2% during the 4th quarter. Tidal Investments LLC now owns 3,336 shares of the company’s stock worth $485,000 after buying an additional 310 shares in the last quarter. 92.82% of the stock is 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.