Ameriprise Financial Inc. Reduces Stock Position in SPX Technologies, Inc. $SPXC

Key Points

• Ameriprise Financial Inc. reduced its stake in SPX Technologies by 4.9%, owning approximately 894,686 shares valued at $115.2 million after selling 46,038 shares in the first quarter.
• SPX Technologies has recently received several analyst upgrades, with a new average target price of $195.20 and a consensus rating of "Buy".
• The company's latest earnings report indicated $1.65 earnings per share, surpassing expectations, and a revenue of $552.4 million, reflecting a 10.2% year-over-year increase.

Ameriprise Financial Inc. decreased its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 4.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 894,686 shares of the company's stock after selling 46,038 shares during the period. Ameriprise Financial Inc. owned about 1.92% of SPX Technologies worth $115,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AlphaCore Capital LLC boosted its position in shares of SPX Technologies by 3.4% during the first quarter. AlphaCore Capital LLC now owns 2,068 shares of the company's stock worth $266,000 after acquiring an additional 68 shares during the last quarter. Park Avenue Securities LLC increased its holdings in SPX Technologies by 1.9% in the 1st quarter. Park Avenue Securities LLC now owns 4,497 shares of the company's stock valued at $579,000 after acquiring an additional 83 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in SPX Technologies by 18.5% in the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after acquiring an additional 98 shares during the last quarter. Private Advisor Group LLC lifted its stake in SPX Technologies by 1.6% in the 1st quarter. Private Advisor Group LLC now owns 7,034 shares of the company's stock worth $906,000 after purchasing an additional 113 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of SPX Technologies by 28.2% during the 1st quarter. Signaturefd LLC now owns 805 shares of the company's stock valued at $104,000 after purchasing an additional 177 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Trading Down 2.0%

Shares of NYSE:SPXC traded down $3.87 during trading on Friday, hitting $187.26. The company had a trading volume of 216,556 shares, compared to its average volume of 586,894. 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 current ratio of 1.97 and a quick ratio of 1.28. The company has a fifty day simple moving average of $181.45 and a two-hundred day simple moving average of $155.94. SPX Technologies, Inc. has a one year low of $115.00 and a one year high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. The business had revenue of $552.40 million for 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 business's revenue was up 10.2% compared to the same quarter last year. During the same quarter 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. As a group, equities analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Analyst Ratings Changes

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

SPX Technologies 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.