NorthCrest Asset Manangement LLC Lowers Position in SPX Technologies, Inc. $SPXC

Key Points

• NorthCrest Asset Management LLC reduced its position in SPX Technologies, Inc. by 38.0% in Q2, holding 8,094 shares worth approximately $1.4 million after selling 4,963 shares.
• Multiple institutional investors, including NBC Securities and Eastern Bank, have recently made new investments in SPX Technologies, highlighting growing interest in the stock.
• Oppenheimer and UBS Group have increased their price targets for SPX Technologies, with UBS raising it from $182.00 to $210.00, reflecting analysts' positive outlook on the company.

NorthCrest Asset Manangement LLC lessened its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 38.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,094 shares of the company's stock after selling 4,963 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in SPX Technologies were worth $1,401,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPXC. NBC Securities Inc. purchased a new position in shares of SPX Technologies in the 1st quarter valued at approximately $27,000. Eastern Bank purchased a new position in shares of SPX Technologies in the 1st quarter valued at approximately $38,000. SVB Wealth LLC purchased a new position in shares of SPX Technologies in the 1st quarter valued at approximately $39,000. Quarry LP purchased a new position in shares of SPX Technologies in the 1st quarter valued at approximately $57,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in shares of SPX Technologies by 211.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after purchasing an additional 410 shares during the period. Hedge funds and other institutional investors own 92.82% of the company's stock.

Analyst Ratings Changes

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

SPX Technologies Price Performance

Shares of SPX Technologies stock opened at $187.45 on Friday. The stock's 50-day simple moving average is $186.91 and its 200-day simple moving average is $160.26. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $209.38. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 42.12, 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.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced 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 business had revenue of $552.40 million for the quarter, compared to the consensus estimate of $546.03 million. During the same period in the previous year, the business earned $1.42 earnings per share. The business'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. As a group, analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal 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.

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