Bank of America Corp DE Has $63.36 Million Stock Holdings in SPX Technologies, Inc. $SPXC

Key Points

• Bank of America increased its SPX Technologies stake by 13% in the first quarter, owning 316,883 shares worth approximately $63.36 million, or 0.63% of the company. Institutional investors and hedge funds collectively own 92.82% of SPX Technologies.
• SPX Technologies reported a strong quarter, with earnings of $2.02 per share versus the $1.85 consensus estimate and revenue of $679 million, up 22.9% year over year. Management provided fiscal 2026 EPS guidance of $8.20 to $8.60.
• Wall Street remains broadly positive, with a consensus “Buy” rating and an average price target of $266.67, compared with the stock’s reported price of $212.50.

Bank of America Corp DE boosted its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 13.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 316,883 shares of the company's stock after purchasing an additional 36,340 shares during the period. Bank of America Corp DE owned about 0.63% of SPX Technologies worth $63,358,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Ares Financial Consulting LLC acquired a new stake in SPX Technologies in the 4th quarter valued at $37,000. Flagship Harbor Advisors LLC bought a new stake in shares of SPX Technologies in the 4th quarter worth about $40,000. Sound Income Strategies LLC acquired a new stake in shares of SPX Technologies during the 4th quarter worth about $45,000. Hazlett Burt & Watson Inc. increased its position in shares of SPX Technologies by 56.7% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 235 shares of the company's stock worth $47,000 after purchasing an additional 85 shares in the last quarter. Finally, Summit Securities Group LLC bought a new position in SPX Technologies during the 1st quarter valued at about $51,000. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Stock Performance

Shares of NYSE:SPXC opened at $212.50 on Tuesday. The stock has a market capitalization of $10.64 billion, a P/E ratio of 38.22, a P/E/G ratio of 1.41 and a beta of 1.27. SPX Technologies, Inc. has a 1-year low of $179.62 and a 1-year high of $251.08. The company has a current ratio of 1.82, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average price of $224.50 and a two-hundred day moving average price of $217.67.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.17. SPX Technologies had a net margin of 11.27% and a return on equity of 16.53%. The company had revenue of $679.00 million for the quarter, compared to analyst estimates of $640.18 million. During the same quarter last year, the firm earned $1.65 EPS. The company's revenue for the quarter was up 22.9% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. Equities analysts predict that SPX Technologies, Inc. will post 8.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of SPX Technologies in a research report on Wednesday, July 8th. Oppenheimer reiterated an "outperform" rating and issued a $280.00 target price (up from $272.00) on shares of SPX Technologies in a research note on Monday, July 20th. Zacks Research raised SPX Technologies from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. JPMorgan Chase & Co. boosted their target price on SPX Technologies from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Finally, Truist Financial reaffirmed a "buy" rating and set a $301.00 price target (up from $295.00) on shares of SPX Technologies in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $266.67.

About SPX Technologies

SPX Technologies NYSE: SPXC is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company's Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source