Intech Investment Management LLC Buys 9,146 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Intech Investment Management LLC increased its stake in SPX Technologies by 37.6% in the first quarter, now holding 33,443 shares valued at approximately $4.3 million.
• Analysts have raised their price targets for SPX Technologies, with UBS Group increasing its target from $182.00 to $210.00 while maintaining a "buy" rating.
• SPX Technologies reported a quarterly revenue of $552.4 million, exceeding analysts' expectations and reflecting a 10.2% year-over-year growth.

Intech Investment Management LLC boosted its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 37.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,443 shares of the company's stock after purchasing an additional 9,146 shares during the quarter. Intech Investment Management LLC owned approximately 0.07% of SPX Technologies worth $4,307,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new stake in SPX Technologies in the 1st quarter valued at about $890,000. Pacer Advisors Inc. raised its stake in shares of SPX Technologies by 80.1% during the 1st quarter. Pacer Advisors Inc. now owns 1,951 shares of the company's stock worth $251,000 after purchasing an additional 868 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its holdings in SPX Technologies by 794.1% during the first 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 in the last quarter. Bessemer Group Inc. raised its position in shares of SPX Technologies by 1,544.0% in the first quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock valued at $870,000 after purchasing an additional 6,346 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of SPX Technologies in the fourth quarter worth about $279,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

SPX Technologies Stock Up 3.9%

Shares of SPXC traded up $7.19 during trading hours on Thursday, reaching $192.10. 68,119 shares of the stock traded hands, compared to its average volume of 315,016. The company has a market cap of $8.98 billion, a price-to-earnings ratio of 43.16, a PEG ratio of 1.58 and a beta of 1.32. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $209.38. The stock has a fifty day simple moving average of $186.27 and a 200 day simple moving average of $159.56.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its earnings results 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. 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 for the quarter, compared to analyst estimates of $546.03 million. During the same quarter in the prior year, the firm posted $1.42 EPS. SPX Technologies's revenue was up 10.2% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, equities analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SPXC shares. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. UBS Group raised their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Oppenheimer lifted 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. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target 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.