Corsair Capital Management L.P. Has $13.82 Million Stake in SPX Technologies, Inc. $SPXC

Key Points

• Corsair Capital Management L.P. reduced its stake in SPX Technologies by 3.4%, owning 107,274 shares worth approximately $13.82 million, which represents 3.5% of their portfolio.
• SPX Technologies beat analysts' consensus estimates by reporting $1.65 EPS and revenues of $552.4 million in the last quarter, with a 10.2% year-over-year revenue growth.
• Several analysts have raised their price targets for SPX Technologies, with UBS Group setting a target of $210 and maintaining a "buy" rating, reflecting positive market sentiment.

Corsair Capital Management L.P. trimmed its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 3.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 107,274 shares of the company's stock after selling 3,722 shares during the period. SPX Technologies makes up about 3.5% of Corsair Capital Management L.P.'s portfolio, making the stock its 10th biggest position. Corsair Capital Management L.P. owned about 0.23% of SPX Technologies worth $13,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. NBC Securities Inc. purchased a new stake in shares of SPX Technologies in the first quarter worth approximately $27,000. Eastern Bank purchased a new stake in shares of SPX Technologies in the first quarter worth approximately $38,000. SVB Wealth LLC purchased a new stake in shares of SPX Technologies in the first quarter worth approximately $39,000. Skandinaviska Enskilda Banken AB publ increased its holdings in 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 during the period. Finally, Farther Finance Advisors LLC raised its position in SPX Technologies by 18.5% during the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after purchasing an additional 98 shares in the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

SPX Technologies Trading Down 0.9%

Shares of NYSE:SPXC opened at $190.82 on Friday. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $209.38. The business's fifty day simple moving average is $180.80 and its 200-day simple moving average is $155.67. The company has a market capitalization of $8.92 billion, a PE ratio of 42.88, a P/E/G ratio of 1.64 and a beta of 1.27. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating 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 business had revenue of $552.40 million for the quarter, compared to the consensus estimate of $546.03 million. During the same period last year, the business posted $1.42 EPS. The business'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. As a group, equities research analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SPXC shares. Oppenheimer increased their price target on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. B. Riley started coverage on SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target on the stock. Finally, UBS Group increased their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $195.20.

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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