Alliancebernstein L.P. Cuts Stake in SPX Technologies, Inc. $SPXC

Key Points

• Alliancebernstein L.P. reduced its holdings in SPX Technologies by 6.6%, owning approximately $89.13 million worth of the company's stock as of the latest reporting period.
• Analysts have set new price targets for SPX Technologies, with Oppenheimer raising it to $197.00 and UBS Group to $210.00, while maintaining an overall consensus rating of "Buy".
• SPX Technologies reported a quarterly EPS of $1.65, outperforming expectations, with revenues of $552.40 million, a 10.2% increase year-over-year.

Alliancebernstein L.P. reduced its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 6.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 692,086 shares of the company's stock after selling 49,057 shares during the period. Alliancebernstein L.P. owned 1.48% of SPX Technologies worth $89,127,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SPXC. Schonfeld Strategic Advisors LLC increased its stake in shares of SPX Technologies by 178.4% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 6,470 shares of the company's stock worth $942,000 after purchasing an additional 4,146 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in SPX Technologies in the 4th quarter worth approximately $279,000. Algert Global LLC grew its stake in SPX Technologies by 36.4% in the 4th quarter. Algert Global LLC now owns 16,463 shares of the company's stock valued at $2,396,000 after buying an additional 4,393 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in SPX Technologies during the 4th quarter valued at $1,321,000. Finally, Bank of America Corp DE lifted its position in shares of SPX Technologies by 49.1% during the fourth quarter. Bank of America Corp DE now owns 131,335 shares of the company's stock worth $19,112,000 after acquiring an additional 43,279 shares in the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Price Performance

Shares of SPXC stock traded up $2.40 during trading on Thursday, hitting $190.40. The company had a trading volume of 182,018 shares, compared to its average volume of 374,862. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. The stock's 50-day moving average is $185.10 and its two-hundred day moving average is $158.41. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 42.79, a price-to-earnings-growth ratio of 1.60 and a beta of 1.32. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its earnings results 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. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. During the same period in the previous year, the business posted $1.42 earnings per share. SPX Technologies's revenue for the quarter was up 10.2% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, analysts predict that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPXC has been the subject of several recent research reports. UBS Group lifted their price target on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research report on Friday, August 1st. B. Riley started coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price for the company. Oppenheimer upped their price target on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $195.20.

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.