SPX Technologies, Inc. $SPXC Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in SPX Technologies, Inc. by 34.3% during Q2, now holding 13,882 shares worth approximately $2.33 million.
• SPX Technologies reported earnings of $1.65 per share for the last quarter, exceeding analyst expectations, with quarterly revenue increasing by 10.2% year-over-year.
• Institutional investors own 92.82% of SPX Technologies' stock, indicating strong backing from the investment community.

TD Asset Management Inc trimmed its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 34.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,882 shares of the company's stock after selling 7,244 shares during the quarter. TD Asset Management Inc's holdings in SPX Technologies were worth $2,328,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Eastern Bank acquired a new stake in shares of SPX Technologies in the 1st quarter valued at $38,000. SVB Wealth LLC acquired a new stake in shares of SPX Technologies in the 1st quarter valued at $39,000. Quarry LP acquired a new stake in shares of SPX Technologies in the 1st quarter valued at $57,000. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of SPX Technologies by 211.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after purchasing an additional 410 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in SPX Technologies by 21.8% during the 1st quarter. NewEdge Advisors LLC now owns 625 shares of the company's stock worth $80,000 after acquiring an additional 112 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors and hedge funds.

SPX Technologies Stock Up 4.0%

Shares of NYSE:SPXC opened at $192.37 on Wednesday. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 43.23, a price-to-earnings-growth ratio of 1.89 and a beta of 1.37. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $209.38. The company's fifty day moving average is $187.10 and its two-hundred day moving average is $168.38. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The business had revenue of $552.40 million for the quarter, compared to analysts' expectations of $546.03 million. During the same quarter last year, the company earned $1.42 EPS. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. Equities analysts anticipate that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on SPXC shares. Bank of America started coverage on shares of SPX Technologies in a research report on Wednesday, October 8th. They set a "neutral" rating and a $202.00 price objective on the stock. Weiss Ratings reissued a "hold (c+)" rating on shares of SPX Technologies in a report on Wednesday, October 8th. Wells Fargo & Company began coverage on shares of SPX Technologies in a research report on Tuesday, October 14th. They set an "overweight" rating and a $205.00 target price for the company. Truist Financial started coverage on shares of SPX Technologies in a research report on Monday. They issued a "hold" rating and a $209.00 price objective for the company. Finally, Wall Street Zen downgraded shares of SPX Technologies from a "buy" rating to a "hold" rating in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $199.00.

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.

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