Schwerin Boyle Capital Management Inc. Decreases Position in SPX Technologies, Inc. $SPXC

Key Points

• Schwerin Boyle Capital Management Inc. decreased its shares in SPX Technologies by 2.6% in Q1, holding 152,830 shares valued at approximately $19.68 million.
• SPX Technologies recently beat earnings expectations with $1.65 EPS and reported quarterly revenue of $552.40 million, a 10.2% increase year-over-year.
• Wall Street analysts are optimistic, with multiple firms giving SPX Technologies a "buy" rating and a consensus target price of $195.20.

Schwerin Boyle Capital Management Inc. decreased its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 152,830 shares of the company's stock after selling 4,070 shares during the quarter. SPX Technologies comprises 2.0% of Schwerin Boyle Capital Management Inc.'s holdings, making the stock its 15th largest holding. Schwerin Boyle Capital Management Inc. owned 0.33% of SPX Technologies worth $19,681,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPXC. Conestoga Capital Advisors LLC grew 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 worth $102,920,000 after purchasing an additional 11,400 shares in the last quarter. Janus Henderson Group PLC grew its stake in SPX Technologies by 3.9% in the 4th quarter. Janus Henderson Group PLC now owns 723,708 shares of the company's stock valued at $105,321,000 after purchasing an additional 26,995 shares during the period. Nuveen Asset Management LLC grew its stake in SPX Technologies by 1.7% in the 4th quarter. Nuveen Asset Management LLC now owns 705,843 shares of the company's stock valued at $102,714,000 after purchasing an additional 11,771 shares during the period. Nuveen LLC bought a new position in SPX Technologies in the 1st quarter valued at $88,852,000. Finally, Charles Schwab Investment Management Inc. grew its stake in 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 currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SPXC shares. B. Riley started coverage on SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target on the stock. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Oppenheimer increased 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. Finally, UBS Group raised their price target on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat.com, SPX Technologies has a consensus rating of "Buy" and a consensus target price of $195.20.

SPX Technologies Stock Down 0.9%

Shares of SPXC stock traded down $1.65 during mid-day trading on Thursday, hitting $190.82. The company's stock had a trading volume of 229,119 shares, compared to its average volume of 598,689. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $209.38. The business has a 50-day moving average price of $180.80 and a 200 day moving average price of $155.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of 32.46, a PEG ratio of 1.64 and a beta of 1.27.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.45 by $0.20. The company had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.SPX Technologies's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. 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.