EFG Asset Management North America Corp. Boosts Stake in SPX Technologies, Inc. $SPXC

Key Points

• EFG Asset Management North America Corp. increased its stake in SPX Technologies by 70.2%, acquiring a total of 14,542 shares worth approximately $1.87 million.
• Analysts have set new price targets for SPX Technologies, with the highest target reaching $210.00 and a consensus rating of "Buy".
• SPX Technologies reported a 10.2% increase in revenue year-over-year, with earnings per share of $1.65, exceeding expectations by $0.20.

EFG Asset Management North America Corp. boosted its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 70.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,542 shares of the company's stock after purchasing an additional 5,996 shares during the period. EFG Asset Management North America Corp.'s holdings in SPX Technologies were worth $1,872,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Conestoga Capital Advisors LLC boosted its position in SPX Technologies by 1.4% in the 1st quarter. Conestoga Capital Advisors LLC now owns 799,195 shares of the company's stock valued at $102,920,000 after buying an additional 11,400 shares during the last quarter. Janus Henderson Group PLC raised its stake in SPX Technologies by 3.9% during the 4th quarter. Janus Henderson Group PLC now owns 723,708 shares of the company's stock worth $105,321,000 after buying an additional 26,995 shares during the period. Nuveen Asset Management LLC raised its stake in SPX Technologies by 1.7% during the 4th quarter. Nuveen Asset Management LLC now owns 705,843 shares of the company's stock worth $102,714,000 after buying an additional 11,771 shares during the period. Nuveen LLC acquired a new stake in SPX Technologies during the 1st quarter worth $88,852,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of SPX Technologies by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 635,862 shares of the company's stock valued at $81,886,000 after purchasing an additional 10,501 shares during the period. 92.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. UBS Group lifted their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. B. Riley started coverage on SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective for the company. Finally, Oppenheimer boosted their price objective on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to MarketBeat.com, SPX Technologies currently has a consensus rating of "Buy" and a consensus target price of $195.20.

SPX Technologies Trading Up 1.2%

SPXC traded up $2.15 during trading on Wednesday, reaching $188.19. 63,895 shares of the stock traded hands, compared to its average volume of 318,857. The stock's 50-day moving average is $184.44 and its 200 day moving average is $157.81. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $209.38. The stock has a market capitalization of $8.80 billion, a PE ratio of 42.20, a P/E/G ratio of 1.61 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 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The firm 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 business earned $1.42 earnings per share. The business's quarterly 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. Equities analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current 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.