Assenagon Asset Management S.A. Buys New Position in SPX Technologies, Inc. $SPXC

Key Points

• Assenagon Asset Management acquired 107,299 SPX Technologies shares worth approximately $18.2 million, representing about 0.21% of the company. Institutional investors collectively own 92.82% of SPXC.
• Wall Street maintains a generally positive view, with an average rating of “Moderate Buy” and an average price target of $247.45; targets range from $220 to $285.
• SPX Technologies exceeded quarterly expectations, reporting $2.02 in EPS versus $1.85 expected and $679 million in revenue, up 22.9% year over year. Analysts anticipate approximately $8.48 in EPS for the current fiscal year.

Assenagon Asset Management S.A. bought a new position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 107,299 shares of the company's stock, valued at approximately $18,194,000. Assenagon Asset Management S.A. owned approximately 0.21% of SPX Technologies at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of SPX Technologies in the 2nd quarter valued at about $1,189,365,000. Jupiter Topco LLC bought a new position in SPX Technologies in the second quarter valued at approximately $465,593,000. First Trust Advisors LP grew its stake in SPX Technologies by 181.4% in the first quarter. First Trust Advisors LP now owns 1,362,871 shares of the company's stock valued at $272,492,000 after purchasing an additional 878,494 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of SPX Technologies by 5.9% during the 1st quarter. Janus Henderson Group PLC now owns 765,245 shares of the company's stock worth $153,011,000 after purchasing an additional 42,921 shares during the last quarter. Finally, Port Capital LLC acquired a new position in shares of SPX Technologies during the 2nd quarter worth approximately $109,159,000. Institutional investors and hedge funds own 92.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Robert W. Baird started coverage on shares of SPX Technologies in a research report on Monday, October 5th. They set an "outperform" rating and a $220.00 price target on the stock. Zacks Research cut shares of SPX Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Wells Fargo & Company decreased their price objective on shares of SPX Technologies from $250.00 to $243.00 and set an "overweight" rating for the company in a research report on Tuesday, October 13th. Weiss Ratings lowered shares of SPX Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, September 21st. Finally, B. Riley Financial boosted their price objective on shares of SPX Technologies from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $247.45.

SPX Technologies Stock Performance

SPXC opened at $165.67 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 1.82. SPX Technologies, Inc. has a 52-week low of $161.61 and a 52-week high of $251.08. The firm has a market cap of $8.30 billion, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 1.07 and a beta of 1.24. The business's fifty day moving average is $188.16 and its 200-day moving average is $207.60.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.85 by $0.17. The business had revenue of $679.00 million during the quarter, compared to the consensus estimate of $640.18 million. SPX Technologies had a net margin of 11.27% and a return on equity of 16.53%. The company's revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 earnings per share. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. Sell-side analysts expect that SPX Technologies, Inc. will post 8.48 EPS for the current fiscal year.

SPX Technologies Company Profile

SPX Technologies, Inc is a diversified industrial technology company headquartered in Charlotte, North Carolina. The company designs, manufactures and services highly engineered products and solutions used by customers in the heating, ventilation and air-conditioning (HVAC), infrastructure and industrial markets.

SPX's HVAC businesses provide cooling towers, evaporative and air-cooled cooling systems, boilers, heat-transfer equipment, air-handling products and related services. Its brands include Marley, Recold, Weil-McLain, Patterson-Kelley, Berko and QMark.

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