Advisors Asset Management Inc. Boosts Stake in SPX Technologies, Inc. $SPXC

Key Points

• Advisors Asset Management Inc. increased its stake in SPX Technologies, owning 11,694 shares after purchasing an additional 1,676 shares, representing a 16.7% increase in their holdings.
• SPX Technologies' stock was trading at $190.40, showing a significant increase in value over the past months, with a 52-week low of $115.00 and a high of $209.38.
• Analysts have a positive outlook for SPX Technologies, with multiple brokerages issuing "buy" ratings and price targets ranging up to $210.00.

Advisors Asset Management Inc. grew its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 16.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 11,694 shares of the company's stock after acquiring an additional 1,676 shares during the period. Advisors Asset Management Inc.'s holdings in SPX Technologies were worth $1,506,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in shares of SPX Technologies during the 1st quarter worth approximately $9,039,000. Royal Bank of Canada grew its holdings in shares of SPX Technologies by 8.1% during the 1st quarter. Royal Bank of Canada now owns 38,386 shares of the company's stock worth $4,942,000 after acquiring an additional 2,892 shares during the period. Ewing Morris & Co. Investment Partners Ltd. purchased a new position in shares of SPX Technologies during the 1st quarter worth approximately $1,328,000. Quarry LP purchased a new position in shares of SPX Technologies during the 1st quarter worth approximately $57,000. Finally, Panagora Asset Management Inc. boosted its position in shares of SPX Technologies by 30.5% in the 1st quarter. Panagora Asset Management Inc. now owns 200,276 shares of the company's stock worth $25,792,000 after purchasing an additional 46,858 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

Analyst Upgrades and Downgrades

SPXC has been the topic of a number of analyst reports. Oppenheimer boosted their price target on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. UBS Group boosted their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Stock Down 1.9%

SPXC stock traded down $3.56 during midday trading on Friday, hitting $186.69. The company's stock had a trading volume of 234,956 shares, compared to its average volume of 313,083. The company has a market cap of $8.73 billion, a PE ratio of 41.95, a P/E/G ratio of 1.62 and a beta of 1.32. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $209.38. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. The firm's 50-day moving average is $185.37 and its 200-day moving average is $158.80.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.20. The business had revenue of $552.40 million for the quarter, compared to analysts' expectations of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.The firm's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.42 EPS. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, equities research analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

SPX Technologies 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.