Northern Trust Corp Boosts Stake in 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 position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 544,145 shares of the company's stock after purchasing an additional 5,644 shares during the quarter. 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 added to or reduced their stakes in the company. Comerica Bank raised its stake in shares of SPX Technologies by 25.4% during the 4th quarter. Comerica Bank now owns 86,267 shares of the company's stock valued at $12,554,000 after buying an additional 17,472 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of SPX Technologies during 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 valued at $251,000 after buying an additional 868 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of SPX Technologies by 61.4% during the 4th quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock valued at $1,620,000 after buying an additional 4,229 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of SPX Technologies by 1,544.0% during the 1st quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock valued at $870,000 after buying an additional 6,346 shares during the last quarter. 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 recent research reports. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Oppenheimer lifted their price objective on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. UBS Group increased their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the stock 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 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $195.20.

SPX Technologies Price Performance

Shares of SPXC stock traded down $3.87 on Friday, reaching $187.26. 216,556 shares of the company were exchanged, compared to its average volume of 560,736. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 42.08, a P/E/G ratio of 1.59 and a beta of 1.32. The business has a 50-day moving average price of $181.45 and a 200 day moving average price of $155.98. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to analysts' expectations of $546.03 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The company's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. Equities research analysts forecast 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.