SPX Technologies, Inc. $SPXC Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. reduced its position in SPX Technologies by 11.3%, owning 168,499 shares worth approximately $28.25 million as of its latest SEC filing.
• Analysts have increased the price targets for SPX Technologies, with Oppenheimer raising it to $197.00 and UBS Group to $210.00, reflecting a positive outlook.
• SPX Technologies reported a quarterly earnings per share of $1.65, surpassing estimates, and projected a FY 2025 earnings range of 6.350-6.650 EPS.

Assenagon Asset Management S.A. lessened its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 11.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 168,499 shares of the company's stock after selling 21,420 shares during the period. Assenagon Asset Management S.A. owned about 0.36% of SPX Technologies worth $28,254,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. NBC Securities Inc. purchased a new position in SPX Technologies during the first quarter valued at approximately $27,000. Eastern Bank purchased a new position in SPX Technologies in the first quarter worth $38,000. SVB Wealth LLC acquired a new stake in shares of SPX Technologies during the first quarter worth $39,000. Quarry LP acquired a new stake in shares of SPX Technologies during the first quarter worth $57,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in SPX Technologies by 211.3% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after purchasing an additional 410 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Trading Up 1.0%

Shares of SPX Technologies stock traded up $1.97 during mid-day trading on Monday, hitting $190.01. The stock had a trading volume of 238,056 shares, compared to its average volume of 257,174. The firm has a 50-day moving average of $187.22 and a two-hundred day moving average of $160.92. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $209.38. 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 firm has a market cap of $8.88 billion, a P/E ratio of 42.70, a price-to-earnings-growth ratio of 1.60 and a beta of 1.32.

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

Analysts Set New Price Targets

SPXC has been the topic of several recent research reports. Oppenheimer upped their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. UBS Group upped their price target on shares of 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 shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $195.20.

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.