Axiom Investors LLC DE Sells 68,871 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Axiom Investors LLC DE reduced its stake in SPX Technologies, Inc. by 61.9%, selling 68,871 shares and now holding 42,418 shares worth approximately $5.46 million.
• Several institutional investors, including Channing Capital Management, have increased their positions in SPX Technologies, with institutional investors now owning 92.82% of the stock.
• Analysts have upgraded SPX Technologies' rating to "buy" and set a consensus price target of $195.20, indicating bullish sentiment on the company's growth prospects.

Axiom Investors LLC DE trimmed its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 61.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,418 shares of the company's stock after selling 68,871 shares during the period. Axiom Investors LLC DE owned approximately 0.09% of SPX Technologies worth $5,463,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in SPX Technologies during the first quarter worth about $27,000. Eastern Bank acquired a new stake in SPX Technologies during the first quarter worth about $38,000. SVB Wealth LLC acquired a new stake in SPX Technologies during the first quarter worth about $39,000. Skandinaviska Enskilda Banken AB publ grew 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 worth $78,000 after buying an additional 410 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in SPX Technologies by 18.5% during the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock worth $83,000 after buying an additional 98 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors and hedge funds.

SPX Technologies Trading Down 1.7%

NYSE:SPXC traded down $3.21 during mid-day trading on Friday, hitting $187.93. 36,168 shares of the company's stock were exchanged, compared to its average volume of 321,569. The company has a 50 day simple moving average of $180.80 and a 200-day simple moving average of $155.67. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. SPX Technologies, Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $209.38. The firm has a market capitalization of $8.79 billion, a P/E ratio of 42.25, a PEG ratio of 1.64 and a beta of 1.27.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its 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 net margin of 10.27% and a return on equity of 19.59%. The business had revenue of $552.40 million for the quarter, compared to the consensus estimate of $546.03 million. During the same period last year, the company earned $1.42 EPS. The firm's revenue 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 expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SPXC shares. Oppenheimer increased their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. UBS Group raised their price target on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, August 1st. B. Riley began coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target on the stock. Finally, Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus 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.