SPX Technologies, Inc. $SPXC Shares Sold by Earnest Partners LLC

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 trimmed its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

A number of other hedge funds have also recently modified their holdings of SPXC. NBC Securities Inc. purchased a new position in SPX Technologies during the 1st quarter worth $27,000. Eastern Bank acquired a new stake in shares of SPX Technologies in the first quarter valued at about $38,000. SVB Wealth LLC acquired a new stake in shares of SPX Technologies in the first quarter valued at about $39,000. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of 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 purchasing an additional 410 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in shares of 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 purchasing an additional 98 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Stock Performance

Shares of SPX Technologies stock traded down $3.87 during trading on Friday, hitting $187.26. 216,556 shares of the stock were exchanged, compared to its average volume of 586,894. The stock's fifty day moving average is $181.45 and its 200 day moving average is $155.94. The stock has a market cap of $8.76 billion, a PE ratio of 42.08, a P/E/G ratio of 1.59 and a beta of 1.27. 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, Inc. has a 12 month low of $115.00 and a 12 month high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its 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. The firm 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 was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.42 EPS. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, sell-side analysts anticipate that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SPXC. Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. UBS Group boosted their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. Oppenheimer boosted their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, B. Riley assumed coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat, SPX Technologies presently has an average rating of "Buy" and an average target price 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.