Earnest Partners LLC Lowers Stock Holdings in SPX Technologies, Inc. $SPXC

Key Points

• Earnest Partners LLC reduced its stake in SPX Technologies by 1.8%, selling 18,443 shares and retaining approximately 2.16% of the company, valued at $129.68 million.
• Multiple institutional investors have increased their positions in SPX Technologies, with notable increases from Hsbc Holdings PLC (61.4%) and Schonfeld Strategic Advisors LLC (178.4%) during the fourth quarter.
• SPX Technologies reported a quarterly EPS of $1.65, exceeding analysts' estimates, and set FY 2025 guidance at 6.350-6.650 EPS.

Earnest Partners LLC reduced its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,007,015 shares of the company's stock after selling 18,443 shares during the period. Earnest Partners LLC owned approximately 2.16% of SPX Technologies worth $129,683,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SPXC. NBC Securities Inc. acquired a new stake in shares of SPX Technologies in the first quarter valued at $27,000. Eastern Bank acquired a new stake in shares of SPX Technologies in the first quarter valued at $38,000. SVB Wealth LLC purchased a new position in SPX Technologies in the first quarter valued at $39,000. Skandinaviska Enskilda Banken AB publ increased its holdings in SPX Technologies by 211.3% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after buying an additional 410 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in SPX Technologies by 18.5% in the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after buying an additional 98 shares during the last quarter. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on SPXC. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. B. Riley began coverage on SPX Technologies in a report on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price on the stock. UBS Group increased their target price on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Oppenheimer increased their target price on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Stock Performance

Shares of SPXC stock traded down $3.87 during mid-day trading on Monday, hitting $187.26. 216,556 shares of the stock were exchanged, compared to its average volume of 560,736. The stock's fifty day simple moving average is $181.45 and its two-hundred day simple moving average is $155.98. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 42.08, a P/E/G ratio of 1.59 and a beta of 1.32. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $209.38. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.20. The company 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 business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current year.

SPX Technologies 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.