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

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) shares were down 3.3% during mid-day trading on Friday . The company traded as low as $166.00 and last traded at $166.00. Approximately 81,212 shares traded hands during trading, a decline of 67% from the average daily volume of 247,628 shares. The stock had previously closed at $171.73.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer lowered shares of SPX Technologies from an "outperform" rating to a "market perform" rating in a report on Thursday, July 18th.

SPX Technologies Stock Performance

The business's fifty day moving average is $157.11 and its two-hundred day moving average is $144.07. The company has a quick ratio of 0.81, a current ratio of 1.28 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $7.59 billion, a PE ratio of 73.86, a price-to-earnings-growth ratio of 1.70 and a beta of 1.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.17. The firm had revenue of $501.30 million during the quarter, compared to analyst estimates of $492.08 million. SPX Technologies had a net margin of 5.53% and a return on equity of 19.20%. SPX Technologies's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the firm posted $1.06 earnings per share. As a group, research analysts anticipate that SPX Technologies, Inc. will post 5.54 EPS for the current fiscal year.

Institutional Trading of SPX Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new stake in shares of SPX Technologies during the third quarter worth $28,000. Crewe Advisors LLC bought a new stake in shares of SPX Technologies in the second quarter valued at about $28,000. Canada Pension Plan Investment Board bought a new stake in shares of SPX Technologies in the second quarter valued at about $28,000. UMB Bank n.a. raised its holdings in shares of SPX Technologies by 965.0% in the second quarter. UMB Bank n.a. now owns 213 shares of the company's stock valued at $30,000 after acquiring an additional 193 shares in the last quarter. Finally, ST Germain D J Co. Inc. bought a new stake in shares of SPX Technologies in the third quarter valued at about $44,000. 92.82% of the stock is currently owned by 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.