Comerica Bank Purchases 8,472 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Comerica Bank has increased its holdings in SPX Technologies by 9.8% during the first quarter, owning approximately 0.20% of the company's stock valued at $12.2 million.
• SPX Technologies reported earnings of $1.65 per share for the latest quarter, surpassing estimates, with revenue reaching $552.4 million, a 10.2% increase year-over-year.
• Wall Street analysts generally have a positive outlook on SPX Technologies, with an average rating of "Buy" and target prices reaching up to $210.

Comerica Bank raised its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 9.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 94,739 shares of the company's stock after buying an additional 8,472 shares during the period. Comerica Bank owned about 0.20% of SPX Technologies worth $12,200,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of SPXC. NBC Securities Inc. bought a new stake in SPX Technologies in the 1st quarter valued at $27,000. Eastern Bank bought a new position in shares of SPX Technologies in the first quarter valued at about $38,000. SVB Wealth LLC bought a new position in SPX Technologies in the 1st quarter valued at about $39,000. Skandinaviska Enskilda Banken AB publ increased its stake in shares of SPX Technologies by 211.3% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after purchasing an additional 410 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in shares of SPX Technologies by 18.5% during the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock worth $83,000 after purchasing an additional 98 shares during the period. Institutional investors own 92.82% of the company's stock.

Analyst Upgrades and Downgrades

SPXC has been the topic of a number of recent research reports. UBS Group increased their target price on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. B. Riley began coverage on SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective on the stock. Finally, Oppenheimer raised their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. Based on data from MarketBeat.com, SPX Technologies has a consensus rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Price Performance

NYSE:SPXC traded down $3.87 during mid-day trading on Friday, reaching $187.26. The stock had a trading volume of 216,556 shares, compared to its average volume of 586,894. The stock has a 50-day simple moving average of $181.45 and a two-hundred day simple moving average of $155.94. The stock has a market capitalization of $8.76 billion, a PE ratio of 42.08, a P/E/G ratio of 1.59 and a beta of 1.27. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly 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 company had revenue of $552.40 million for 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%. The firm's revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 EPS. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, 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.