Northern Trust Corp Purchases 5,644 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Northern Trust Corp has increased its stake in SPX Technologies by 1.0%, owning approximately 1.17% of the company, valued at $70,075,000 after acquiring an additional 5,644 shares.
• A range of institutional investors have also adjusted their positions in SPX Technologies, highlighting a growing interest, with hedge funds owning 92.82% of the company’s stock.
• SPX Technologies recently reported better-than-expected earnings, with a quarterly EPS of $1.65, surpassing analysts’ estimates, and set FY 2025 guidance between 6.350-6.650 EPS.

Northern Trust Corp raised its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 544,145 shares of the company's stock after purchasing an additional 5,644 shares during the period. Northern Trust Corp owned 1.17% of SPX Technologies worth $70,075,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Conestoga Capital Advisors LLC increased its stake in shares of SPX Technologies by 1.4% in the first quarter. Conestoga Capital Advisors LLC now owns 799,195 shares of the company's stock worth $102,920,000 after purchasing an additional 11,400 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of SPX Technologies by 3.9% in the fourth quarter. Janus Henderson Group PLC now owns 723,708 shares of the company's stock worth $105,321,000 after purchasing an additional 26,995 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of SPX Technologies by 1.7% in the fourth quarter. Nuveen Asset Management LLC now owns 705,843 shares of the company's stock worth $102,714,000 after purchasing an additional 11,771 shares in the last quarter. Nuveen LLC purchased a new position in shares of SPX Technologies in the first quarter worth about $88,852,000. Finally, Charles Schwab Investment Management Inc. grew its stake in SPX Technologies by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 635,862 shares of the company's stock valued at $81,886,000 after acquiring an additional 10,501 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Oppenheimer boosted their price objective on shares of 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 raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. UBS Group boosted their price objective 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, B. Riley initiated coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $195.20.

SPX Technologies Price Performance

SPX Technologies stock traded down $3.87 during mid-day trading on Friday, hitting $187.26. 216,556 shares of the company traded hands, compared to its average volume of 586,894. SPX Technologies, Inc. has a one year low of $115.00 and a one year high of $209.38. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 42.08, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97. The stock has a fifty day moving average price of $181.45 and a 200-day moving average price of $155.94.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. SPX Technologies's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, equities analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal 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.