Fred Alger Management LLC Trims Stock Position in SPX Technologies, Inc. $SPXC

Key Points

• Fred Alger Management LLC reduced its stake in SPX Technologies by 1.8%, now holding approximately $21.23 million in shares.
• SPX Technologies reported a strong quarterly earnings performance with $1.65 earnings per share, exceeding analyst expectations, and revenues of $552.40 million for the quarter.
• Analysts are optimistic about SPX Technologies with several upgrades and a consensus price target of $195.20, indicating a bullish outlook on the stock.

Fred Alger Management LLC reduced its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 164,818 shares of the company's stock after selling 3,082 shares during the period. Fred Alger Management LLC owned 0.35% of SPX Technologies worth $21,225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV acquired a new stake in shares of SPX Technologies during the fourth quarter valued at about $279,000. BNP Paribas Financial Markets acquired a new stake in shares of SPX Technologies during the fourth quarter valued at about $1,321,000. Bank of America Corp DE increased its position in shares of SPX Technologies by 49.1% during the fourth quarter. Bank of America Corp DE now owns 131,335 shares of the company's stock valued at $19,112,000 after acquiring an additional 43,279 shares during the last quarter. Baird Financial Group Inc. increased its position in shares of SPX Technologies by 19.5% during the fourth quarter. Baird Financial Group Inc. now owns 2,438 shares of the company's stock valued at $355,000 after acquiring an additional 397 shares during the last quarter. Finally, Crestline Management LP acquired a new stake in shares of SPX Technologies during the fourth quarter valued at about $398,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SPXC. UBS Group lifted their price target on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Oppenheimer lifted their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Stock Down 1.9%

Shares of NYSE SPXC traded down $3.56 during midday trading on Friday, hitting $186.69. The company's stock had a trading volume of 234,956 shares, compared to its average volume of 313,083. The business's fifty day simple moving average is $185.37 and its two-hundred day simple moving average is $158.80. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $209.38. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 41.95, a price-to-earnings-growth ratio of 1.62 and a beta of 1.32.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. During the same quarter last year, the firm posted $1.42 earnings per share. The business's revenue for the quarter 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. On average, equities analysts predict that SPX Technologies, Inc. will post 5.57 EPS 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.