American Century Companies Inc. Lowers Stock Holdings in SPX Technologies, Inc. $SPXC

Key Points

• American Century Companies Inc. sold 10,808 shares of SPX Technologies, Inc., reducing its holdings by 62.9% during the first quarter, leaving it with 6,378 shares valued at $821,000.
• Various institutional investors have recently increased or established positions in SPX Technologies, with hedge funds owning 92.82% of the company’s stock.
• SPX Technologies reported a 10.2% increase in year-over-year revenue and exceeded earnings expectations, with a net margin of 10.27% and earnings per share of $1.65.

American Century Companies Inc. lowered its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 62.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,378 shares of the company's stock after selling 10,808 shares during the period. American Century Companies Inc.'s holdings in SPX Technologies were worth $821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPXC. NBC Securities Inc. purchased a new stake in SPX Technologies in the 1st quarter worth $27,000. Eastern Bank purchased a new stake in shares of SPX Technologies in the first quarter worth about $38,000. Skandinaviska Enskilda Banken AB publ boosted its stake in SPX Technologies by 211.3% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after buying an additional 410 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in SPX Technologies by 18.5% during the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after buying an additional 98 shares in the last quarter. Finally, Signaturefd LLC increased its stake in SPX Technologies by 28.2% in the 1st quarter. Signaturefd LLC now owns 805 shares of the company's stock worth $104,000 after acquiring an additional 177 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Up 1.0%

NYSE SPXC traded up $1.91 on Wednesday, reaching $187.95. 183,726 shares of the stock traded hands, compared to its average volume of 478,471. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $209.38. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 42.24, a PEG ratio of 1.58 and a beta of 1.32. The company has a fifty day moving average price of $184.75 and a 200-day moving average price of $158.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.45 by $0.20. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.The firm 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 company posted $1.42 EPS. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, research analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPXC has been the topic of several recent research reports. UBS Group upped their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. B. Riley began coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 price objective for the company. Finally, Oppenheimer boosted their target price on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. 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 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.