Cetera Investment Advisers Makes New Investment in SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Cetera Investment Advisers has made a new investment in SPX Technologies, acquiring 5,386 shares valued at approximately $694,000 in the first quarter.
• SPX Technologies reported a quarterly earnings per share of $1.65, exceeding analysts' estimates of $1.45, alongside a revenue of $552.4 million, which was above the expected $546.03 million.
• Analysts have a favorable outlook on SPX Technologies, with multiple upgrades bringing the price target to an average of $195.20, and a majority rating the stock as a 'buy'.

Cetera Investment Advisers purchased a new position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,386 shares of the company's stock, valued at approximately $694,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPXC. NBC Securities Inc. bought a new position in SPX Technologies during the first quarter worth about $27,000. Farther Finance Advisors LLC lifted 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 purchasing an additional 98 shares during the period. Signaturefd LLC lifted its stake in SPX Technologies by 28.2% during the first quarter. Signaturefd LLC now owns 805 shares of the company's stock worth $104,000 after purchasing an additional 177 shares during the period. GAMMA Investing LLC lifted its stake in SPX Technologies by 102.3% during the first quarter. GAMMA Investing LLC now owns 1,076 shares of the company's stock worth $139,000 after purchasing an additional 544 shares during the period. Finally, Copperwynd Financial LLC bought a new position in SPX Technologies during the first quarter worth about $248,000. Institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

NYSE SPXC opened at $186.72 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 41.96, a PEG ratio of 1.63 and a beta of 1.27. The company has a 50 day moving average of $174.54 and a 200-day moving average of $152.93. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. SPX Technologies's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.42 earnings per share. On average, equities analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPXC has been the subject of several recent analyst reports. UBS Group raised their price objective on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. B. Riley initiated coverage on shares of SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective for the company. Wall Street Zen raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Oppenheimer raised their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $195.20.

Insider Buying and Selling at SPX Technologies

In related news, Director Rick D. Puckett sold 6,823 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $153.01, for a total value of $1,043,987.23. Following the completion of the sale, the director owned 33,770 shares of the company's stock, valued at $5,167,147.70. This trade represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.32% of the stock is currently owned by corporate insiders.

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.

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