Corsair Capital Management L.P. Sells 3,722 Shares of 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. reduced its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 3.4% in the first quarter, according to its most recent 13F 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 quarter. SPX Technologies makes up 3.5% of Corsair Capital Management L.P.'s holdings, making the stock its 10th largest position. Corsair Capital Management L.P. owned 0.23% of SPX Technologies worth $13,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in SPXC. Marshall Wace LLP purchased a new stake in shares of SPX Technologies during the 4th quarter worth $361,000. Hsbc Holdings PLC lifted its stake in shares of SPX Technologies by 61.4% during the 4th quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock worth $1,620,000 after purchasing an additional 4,229 shares during the last quarter. Northern Trust Corp lifted its stake in shares of SPX Technologies by 11.7% during the 4th quarter. Northern Trust Corp now owns 538,501 shares of the company's stock worth $78,363,000 after purchasing an additional 56,221 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in SPX Technologies by 178.4% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 6,470 shares of the company's stock valued at $942,000 after buying an additional 4,146 shares during the last quarter. Finally, Comerica Bank raised its stake in SPX Technologies by 25.4% in the fourth quarter. Comerica Bank now owns 86,267 shares of the company's stock valued at $12,554,000 after buying an additional 17,472 shares during the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Oppenheimer increased their price target on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. UBS Group increased their price target on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, B. Riley assumed coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $195.20.

SPX Technologies Stock Performance

Shares of SPXC stock traded down $1.79 during mid-day trading on Wednesday, reaching $182.32. The stock had a trading volume of 77,342 shares, compared to its average volume of 320,980. The business's fifty day moving average is $182.47 and its 200-day moving average is $156.44. 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 $8.53 billion, a price-to-earnings ratio of 41.05, a PEG ratio of 1.59 and a beta of 1.32. 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 announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.The company's revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, research analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

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.