Bank of America Corp DE Buys Shares of 352,999 SPX Technologies, Inc. $SPXC

Key Points

• Bank of America acquired 352,999 shares of SPX Technologies during the second quarter, worth approximately $86.5 million and representing about 0.70% of the company. Institutional investors collectively own 92.82% of SPXC.
• Analysts remain bullish, with a consensus “Buy” rating and average price target of $264.89. Recent targets range from $250 to $301.
• SPX Technologies exceeded quarterly expectations, reporting $2.02 in earnings per share versus the $1.85 estimate and $679 million in revenue, up 22.9% year over year.

Bank of America Corp DE bought a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 352,999 shares of the company's stock, valued at approximately $86,545,000. Bank of America Corp DE owned about 0.70% of SPX Technologies at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SPXC. Renaissance Technologies LLC bought a new position in SPX Technologies during the first quarter worth $1,000,000. Oppenheimer Asset Management Inc. acquired a new position in shares of SPX Technologies in the 2nd quarter valued at about $4,903,000. Principal Financial Group Inc. boosted its holdings in shares of SPX Technologies by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 445,434 shares of the company's stock valued at $89,060,000 after buying an additional 17,524 shares during the period. Deutsche Bank AG acquired a new stake in SPX Technologies during the second quarter worth about $9,489,000. Finally, Inceptionr LLC lifted its holdings in SPX Technologies by 101.6% in the fourth quarter. Inceptionr LLC now owns 5,691 shares of the company's stock worth $1,139,000 after acquiring an additional 2,868 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SPXC shares. Wells Fargo & Company restated an "overweight" rating and set a $250.00 price objective on shares of SPX Technologies in a research report on Monday, August 3rd. Wolfe Research began coverage on shares of SPX Technologies in a report on Tuesday. They set an "outperform" rating and a $250.00 price target for the company. B. Riley Financial upped their price target on shares of SPX Technologies from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Oppenheimer reaffirmed an "outperform" rating and issued a $280.00 price objective (up from $272.00) on shares of SPX Technologies in a report on Monday, July 20th. Finally, Truist Financial reiterated a "buy" rating and issued a $301.00 price objective (up from $295.00) on shares of SPX Technologies in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, SPX Technologies presently has a consensus rating of "Buy" and a consensus target price of $264.89.

SPX Technologies Trading Up 1.0%

SPX Technologies stock opened at $181.52 on Friday. SPX Technologies, Inc. has a 12 month low of $176.21 and a 12 month high of $251.08. The company has a quick ratio of 1.21, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. The stock has a market cap of $9.09 billion, a P/E ratio of 32.65, a P/E/G ratio of 1.17 and a beta of 1.27. The company's fifty day simple moving average is $204.99 and its 200-day simple moving average is $212.24.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $2.02 EPS for the quarter, beating analysts' consensus estimates of $1.85 by $0.17. SPX Technologies had a return on equity of 16.53% and a net margin of 11.27%.The firm had revenue of $679.00 million for the quarter, compared to the consensus estimate of $640.18 million. During the same quarter in the previous year, the company posted $1.65 earnings per share. The business's quarterly revenue was up 22.9% compared to the same quarter last year. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. As a group, sell-side analysts forecast that SPX Technologies, Inc. will post 8.5 EPS for the current fiscal year.

SPX Technologies Profile

SPX Technologies, Inc is a Charlotte, North Carolina-based industrial technology company that provides equipment and services used in heating, ventilation, air conditioning, cooling, and infrastructure applications. The company serves customers in commercial, industrial, utility, and residential markets through operations in North America and internationally.

SPX Technologies operates through two principal segments: HVAC and Detection & Measurement. Its HVAC businesses develop and manufacture cooling towers, evaporative cooling systems, air-conditioning and heating equipment, boilers, and related products.

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