Magnetar Financial LLC Acquires New Stake in SPX Technologies, Inc. $SPXC

Key Points

• Magnetar Financial LLC has acquired 13,218 shares of SPX Technologies, Inc., valued at approximately $1.7 million, during the 1st quarter.
• SPX Technologies posted earnings of $1.65 EPS in Q2, exceeding estimates by $0.20, and has set a FY 2025 guidance of 6.350-6.650 EPS.
• Institutional investors and hedge funds own 92.82% of SPX Technologies' stock, reflecting strong institutional interest in the company.

Magnetar Financial LLC purchased a new position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,218 shares of the company's stock, valued at approximately $1,702,000.

A number of other large investors have also modified their holdings of the business. AlphaCore Capital LLC grew its stake in shares of SPX Technologies by 3.4% during the first quarter. AlphaCore Capital LLC now owns 2,068 shares of the company's stock worth $266,000 after acquiring an additional 68 shares during the last quarter. Park Avenue Securities LLC grew its stake in shares of SPX Technologies by 1.9% during the first quarter. Park Avenue Securities LLC now owns 4,497 shares of the company's stock worth $579,000 after acquiring an additional 83 shares during the last quarter. Farther Finance Advisors LLC boosted its position in SPX Technologies by 18.5% in the first 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 boosted its position in SPX Technologies by 1.6% in the first 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 boosted its position in SPX Technologies by 28.2% in the first 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. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Price Performance

Shares of SPXC stock traded down $1.35 during trading hours on Wednesday, hitting $182.77. 257,293 shares of the company's stock were exchanged, compared to its average volume of 322,087. 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 market cap of $8.55 billion, a P/E ratio of 41.07, a P/E/G ratio of 1.59 and a beta of 1.32. The firm has a 50 day moving average of $182.89 and a two-hundred day moving average of $156.62. SPX Technologies, Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $209.38.

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 return on equity of 19.59% and a net margin of 10.27%.The firm had revenue of $552.40 million during the quarter, compared to the consensus estimate of $546.03 million. During the same period in the prior year, the company earned $1.42 EPS. The firm'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 year.

Wall Street Analysts Forecast Growth

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

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.