Hsbc Holdings PLC Sells 4,118 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Hsbc Holdings PLC has reduced its stake in SPX Technologies, Inc. by 37.1%, now holding 6,994 shares valued at $895,000.
• SPX Technologies reported earnings per share of $1.65 for the last quarter, exceeding expectations, with revenue of $552.40 million, a year-over-year increase of 10.2%.
• Analysts have set a consensus price target of $195.20 for SPX Technologies, with several firms rating it as a "buy."

Hsbc Holdings PLC reduced its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 37.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,994 shares of the company's stock after selling 4,118 shares during the quarter. Hsbc Holdings PLC's holdings in SPX Technologies were worth $895,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AlphaCore Capital LLC lifted its position in shares of SPX Technologies by 3.4% during the 1st quarter. AlphaCore Capital LLC now owns 2,068 shares of the company's stock valued at $266,000 after buying an additional 68 shares during the last quarter. Park Avenue Securities LLC lifted its position in shares of SPX Technologies by 1.9% during the 1st quarter. Park Avenue Securities LLC now owns 4,497 shares of the company's stock valued at $579,000 after buying an additional 83 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of SPX Technologies by 18.5% during the 1st 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. Private Advisor Group LLC lifted its position in shares of SPX Technologies by 1.6% during the 1st quarter. Private Advisor Group LLC now owns 7,034 shares of the company's stock valued at $906,000 after buying an additional 113 shares during the last quarter. Finally, Signaturefd LLC lifted its position in shares of SPX Technologies by 28.2% during the 1st quarter. Signaturefd LLC now owns 805 shares of the company's stock valued at $104,000 after buying an additional 177 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Price Performance

Shares of NYSE:SPXC traded down $1.35 on Wednesday, hitting $182.77. The company's stock had a trading volume of 257,293 shares, compared to its average volume of 322,087. The company has a 50-day simple moving average of $182.47 and a 200 day simple moving average of $156.44. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $209.38. The company has a market capitalization of $8.55 billion, a PE ratio of 41.07, a PEG ratio of 1.59 and a beta of 1.32. 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 (NYSE:SPXC - Get Free Report) last released its quarterly 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 firm had revenue of $552.40 million for the quarter, compared to analysts' expectations of $546.03 million. During the same quarter last year, the firm posted $1.42 EPS. The company'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. Sell-side analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.