Fifth Third Wealth Advisors LLC Acquires New Position in SPX Technologies, Inc. $SPXC

Key Points

• Fifth Third Wealth Advisors LLC has acquired a new position in SPX Technologies, purchasing 1,368 shares valued at approximately $229,000.
• SPX Technologies reported a quarterly earnings per share of $1.65, exceeding analysts' estimates of $1.45, with a revenue increase of 10.2% compared to the previous year.
• A majority of the stock, 92.82%, is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.

Fifth Third Wealth Advisors LLC acquired a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,368 shares of the company's stock, valued at approximately $229,000.

Other large investors also recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new position in SPX Technologies in the 1st quarter worth approximately $890,000. Dynamic Technology Lab Private Ltd raised its holdings in SPX Technologies by 794.1% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 14,126 shares of the company's stock valued at $1,819,000 after buying an additional 12,546 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in SPX Technologies in the 2nd quarter valued at $1,878,000. Pacer Advisors Inc. grew its position in SPX Technologies by 80.1% in the 1st quarter. Pacer Advisors Inc. now owns 1,951 shares of the company's stock valued at $251,000 after acquiring an additional 868 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in SPX Technologies by 5.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,140 shares of the company's stock valued at $191,000 after acquiring an additional 64 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Stock Performance

Shares of NYSE:SPXC opened at $185.70 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28. The business's 50 day moving average price is $188.52 and its 200-day moving average price is $166.42. The firm has a market capitalization of $8.68 billion, a PE ratio of 41.73, a P/E/G ratio of 1.85 and a beta of 1.37. 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 released its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates 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 firm's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, equities research analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SPXC shares. Bank of America started coverage on SPX Technologies in a research report on Wednesday, October 8th. They set a "neutral" rating and a $202.00 price target on the stock. 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 raised their price objective on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Wells Fargo & Company started coverage on SPX Technologies in a research note on Tuesday. They issued an "overweight" rating and a $205.00 price objective for the company. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of SPX Technologies in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $197.57.

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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