SPX Technologies, Inc. $SPXC Shares Sold by Axiom Investors LLC DE

Key Points

• Axiom Investors LLC DE reduced its position in SPX Technologies by 61.9% in the first quarter, ending with 42,418 shares valued at approximately $5.46 million.
• SPX Technologies recently received multiple analyst upgrades, with Wall Street Zen upgrading the stock from "hold" to "buy" and other brokerages increasing their price targets.
• SPX Technologies reported $1.65 EPS for its last quarter, exceeding expectations, with a year-over-year revenue growth of 10.2% to $552.40 million.

Axiom Investors LLC DE lessened its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 61.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,418 shares of the company's stock after selling 68,871 shares during the quarter. Axiom Investors LLC DE owned 0.09% of SPX Technologies worth $5,463,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SPXC. NBC Securities Inc. bought a new stake in shares of SPX Technologies in the 1st quarter worth about $27,000. Eastern Bank bought a new stake in shares of SPX Technologies in the 1st quarter worth about $38,000. SVB Wealth LLC bought a new stake in shares of SPX Technologies in the 1st quarter worth about $39,000. Quarry LP bought a new stake in shares of SPX Technologies in the 1st quarter worth about $57,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of SPX Technologies by 211.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after acquiring an additional 410 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

Analyst Upgrades and Downgrades

SPXC has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Oppenheimer lifted their price objective 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. Finally, UBS Group lifted their price objective on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to MarketBeat.com, SPX Technologies presently has an average rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Stock Down 1.9%

Shares of SPX Technologies stock traded down $3.56 on Friday, reaching $186.69. The stock had a trading volume of 234,956 shares, compared to its average volume of 313,083. The company has a 50 day moving average price of $185.37 and a 200 day moving average price of $158.75. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $209.38. The stock has a market capitalization of $8.73 billion, a P/E ratio of 41.95, a P/E/G ratio of 1.62 and a beta of 1.32.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The firm had revenue of $552.40 million for the quarter, compared to the consensus estimate of $546.03 million. During the same quarter in the previous year, the firm earned $1.42 EPS. The company's quarterly 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, equities research analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current year.

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.