Ameriprise Financial Inc. Sells 46,038 Shares of 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 SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 894,686 shares of the company's stock after selling 46,038 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.92% of SPX Technologies worth $115,218,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in shares of SPX Technologies in the first quarter valued at $27,000. Eastern Bank acquired a new stake in SPX Technologies in the 1st quarter valued at about $38,000. Skandinaviska Enskilda Banken AB publ raised its stake in shares of SPX Technologies by 211.3% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after acquiring an additional 410 shares during the last quarter. Farther Finance Advisors LLC lifted its position 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 in the last quarter. Finally, Signaturefd LLC lifted its position in shares of SPX Technologies by 28.2% during the first quarter. Signaturefd LLC now owns 805 shares of the company's stock worth $104,000 after purchasing an additional 177 shares in the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.

Wall Street Analysts Forecast Growth

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

SPX Technologies Trading Down 2.2%

Shares of NYSE:SPXC traded down $4.15 during mid-day trading on Friday, reaching $186.98. The stock had a trading volume of 81,383 shares, compared to its average volume of 321,827. The firm has a 50 day simple moving average of $180.80 and a two-hundred day simple moving average of $155.67. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $209.38. The firm has a market cap of $8.74 billion, a PE ratio of 42.04, a price-to-earnings-growth ratio of 1.64 and a beta of 1.27. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62.

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

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.