Bayforest Capital Ltd Buys 1,640 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Bayforest Capital Ltd increased its stake in SPX Technologies by 241.2%, acquiring an additional 1,640 shares, bringing its total holdings to 2,320 shares valued at approximately $299,000.
• Multiple institutional investors have also made significant investments in SPX Technologies during the first quarter, with ownership by institutional investors now reaching 92.82%.
• Analysts have generally upgraded their outlook on SPX Technologies, with UBS Group raising the price target from $182.00 to $210.00 and four analysts assigning a "Buy" rating to the stock, reflecting positive expectations for its performance.

Bayforest Capital Ltd lifted its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 241.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,320 shares of the company's stock after purchasing an additional 1,640 shares during the quarter. Bayforest Capital Ltd's holdings in SPX Technologies were worth $299,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

SPXC has been the topic of several recent research reports. 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 report on Friday, August 1st. Oppenheimer raised their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. B. Riley initiated coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target on the stock. Finally, Wall Street Zen raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a research report 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. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $195.20.

SPX Technologies Price Performance

Shares of NYSE SPXC opened at $187.95 on Thursday. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $209.38. The stock's 50 day moving average price is $184.75 and its 200-day moving average price is $158.02. The company has a market capitalization of $8.79 billion, a PE ratio of 42.24, a PEG ratio of 1.58 and a beta of 1.32. 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 (NYSE:SPXC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.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 business earned $1.42 EPS. The company'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. On average, equities analysts anticipate that SPX Technologies, Inc. will post 5.57 EPS for the current year.

SPX Technologies Company Profile

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.

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