SPX Technologies, Inc. $SPXC Shares Sold by Fred Alger Management LLC

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

A number of other institutional investors also recently bought and sold shares of SPXC. Nuveen LLC purchased a new position in SPX Technologies during the 1st quarter worth approximately $88,852,000. Champlain Investment Partners LLC acquired a new stake in SPX Technologies in the 1st quarter valued at $52,699,000. Van Berkom & Associates Inc. grew its stake in SPX Technologies by 3,195.9% in the 1st quarter. Van Berkom & Associates Inc. now owns 368,024 shares of the company's stock valued at $47,394,000 after acquiring an additional 356,858 shares during the period. GAMMA Investing LLC boosted its stake in SPX Technologies by 25,946.4% during the 1st quarter. GAMMA Investing LLC now owns 138,567 shares of the company's stock worth $17,845,000 after purchasing an additional 138,035 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in SPX Technologies by 154.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 189,919 shares of the company's stock worth $24,458,000 after purchasing an additional 115,187 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SPXC. Oppenheimer lifted their target price 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. UBS Group lifted their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $195.20.

SPX Technologies Trading Down 1.9%

NYSE SPXC traded down $3.56 during trading on Friday, hitting $186.69. The stock had a trading volume of 234,956 shares, compared to its average volume of 313,083. The company has a market capitalization of $8.73 billion, a PE ratio of 41.95, a PEG ratio of 1.62 and a beta of 1.32. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average price of $185.37 and a 200 day moving average price of $158.75. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.20. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.The company had revenue of $552.40 million during the quarter, compared to the consensus estimate of $546.03 million. During the same period in the previous year, the company posted $1.42 EPS. SPX Technologies's revenue 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. As a group, equities research analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

SPX Technologies Company 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.