SPX Technologies (NYSE:SPXC) Stock Price Down 3.3% - Time to Sell?

Shares of SPX Technologies, Inc. (NYSE:SPXC) experienced a decline of 3.3% in trading on Friday. The company’s stock fell to a low of $166.00 before closing at that same price. During this trading session, approximately 81,212 shares changed hands, which is a significant drop of 67% compared to the average daily volume of 247,628 shares. This decline follows a previous closing price of $171.73.

Wall Street Analysts Analyze the Situation

In related news, analysts at Oppenheimer have downgraded SPX Technologies from an "outperform" rating to a "market perform" rating in their report released on Thursday, July 18th. This shift may indicate a change in outlook for the company's performance in the market.

Current Financial Metrics

Currently, SPX Technologies has 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 stands at $7.63 billion, with a price-to-earnings (P/E) ratio of 77.36 and a price-to-earnings growth (P/E/G) ratio of 1.70. The stock's beta is reported at 1.21, indicating some volatility. The 50-day moving average is at $156.81, while the 200-day moving average is at $143.78.

Recent Earnings Results

SPX Technologies released its quarterly earnings on August 1st, showing earnings per share (EPS) of $1.42, which exceeded analysts' expectations of $1.25 by $0.17. The company noted a net margin of 5.53% and a return on equity of 19.20%. With revenue recorded at $501.30 million for the quarter—surpassing the anticipated $492.08 million—the company achieved an 18.4% increase in revenue year-over-year. In the same quarter last year, the company had an EPS of $1.06. Analysts predict that SPX Technologies will record an EPS of 5.54 for the current fiscal year.

Institutional Investment Insights

Recently, various institutional investors and hedge funds have adjusted their positions in SPX Technologies. For instance, First Bank & Trust entered into a new position in the first quarter, valued at approximately $256,000. Similarly, Sumitomo Mitsui Trust Holdings acquired around $214,000 worth of shares. Additionally, First Trust Direct Indexing L.P. bought approximately $203,000 worth of stock, while Principal Financial Group Inc. boosted its holdings by 86.8% during the same period, now owning a total of 443,408 shares valued at $54,597,000. Notably, hedge funds and institutional investors collectively own 92.82% of the company’s stock.

About SPX Technologies

SPX Technologies, Inc. is engaged in supplying infrastructure equipment, primarily serving markets related to heating, ventilation, and cooling (HVAC), as well as detection and measurement. The company divides its operations into two segments: HVAC and Detection and Measurement. The HVAC segment is responsible for engineering, designing, manufacturing, and servicing various cooling products and engineered air movement solutions. These services cater to industrial, power generation, residential, and commercial sectors.

Conclusion: Should You Sell SPX Technologies?

With the stock's current downturn and the recent downgrade from analysts, investors may be questioning whether it is time to sell SPX Technologies shares. Investors should carefully assess their positions and consider market conditions when making decisions.

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