SPX Technologies, Inc. $SPXC Shares Sold by Mengis Capital Management Inc.

Key Points

• Mengis Capital Management Inc. reduced its stake in SPX Technologies by 62.5% in the second quarter, selling 10,000 shares to own 6,000 shares valued at $1,006,000.
• SPX Technologies reported $1.65 EPS for the last quarter, exceeding analyst estimates and showing a revenue increase of 10.2% year-over-year.
• Wall Street analysts have an average rating of "Moderate Buy" for SPX Technologies, with a target price of $196.33, after several firms adjusted their price targets positively.

Mengis Capital Management Inc. lowered its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 62.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,000 shares of the company's stock after selling 10,000 shares during the quarter. Mengis Capital Management Inc.'s holdings in SPX Technologies were worth $1,006,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SPXC. Nuveen LLC acquired a new position in SPX Technologies in the first quarter valued at about $88,852,000. Champlain Investment Partners LLC acquired a new stake in shares of SPX Technologies during the first quarter worth about $52,699,000. Van Berkom & Associates Inc. raised its holdings in SPX Technologies by 3,195.9% in the first quarter. Van Berkom & Associates Inc. now owns 368,024 shares of the company's stock valued at $47,394,000 after acquiring an additional 356,858 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in SPX Technologies by 154.1% in the first quarter. Assenagon Asset Management S.A. now owns 189,919 shares of the company's stock valued at $24,458,000 after acquiring an additional 115,187 shares in the last quarter. Finally, Channing Capital Management LLC raised its holdings in SPX Technologies by 35.3% in the first quarter. Channing Capital Management LLC now owns 415,393 shares of the company's stock valued at $53,494,000 after acquiring an additional 108,329 shares in the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.

SPX Technologies Stock Performance

Shares of SPXC opened at $186.06 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. The firm has a market cap of $8.70 billion, a PE ratio of 41.81, a price-to-earnings-growth ratio of 1.60 and a beta of 1.37. The company's 50 day simple moving average is $189.51 and its 200-day simple moving average is $165.19. 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 earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. The business 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 company's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm 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 predict that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SPXC. Bank of America began coverage on shares of SPX Technologies in a report on Wednesday. They issued a "neutral" rating and a $202.00 target price on the stock. Oppenheimer raised their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. UBS Group increased their price target on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Weiss Ratings reiterated a "hold (c+)" rating on shares of SPX Technologies in a research note on Wednesday. Finally, Wall Street Zen lowered shares of SPX Technologies from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $196.33.

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.

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