Redhawk Wealth Advisors Inc. Increases Stake in SPX Technologies, Inc. $SPXC

Key Points

• Redhawk Wealth Advisors Inc. increased its stake in SPX Technologies by 11.8%, now holding 21,824 shares valued at approximately $3.66 million.
• SPX Technologies reported earnings per share of $1.65 for the last quarter, exceeding consensus estimates of $1.45 by $0.20.
• Equities analysts have raised their ratings and price targets for SPX Technologies, with UBS Group increasing its price objective from $182 to $210, emphasizing a favorable outlook for the stock.

Redhawk Wealth Advisors Inc. lifted its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 11.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,824 shares of the company's stock after purchasing an additional 2,304 shares during the quarter. Redhawk Wealth Advisors Inc.'s holdings in SPX Technologies were worth $3,659,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. AlphaCore Capital LLC grew its holdings in SPX Technologies by 3.4% during the 1st quarter. AlphaCore Capital LLC now owns 2,068 shares of the company's stock valued at $266,000 after purchasing an additional 68 shares during the last quarter. Park Avenue Securities LLC grew its stake in SPX Technologies by 1.9% in the 1st quarter. Park Avenue Securities LLC now owns 4,497 shares of the company's stock worth $579,000 after acquiring an additional 83 shares in the last quarter. Farther Finance Advisors LLC grew its stake in SPX Technologies by 18.5% in the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock worth $83,000 after acquiring an additional 98 shares in the last quarter. NewEdge Advisors LLC grew its stake in SPX Technologies by 21.8% in 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. Finally, Private Advisor Group LLC grew 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 acquiring an additional 113 shares in the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

SPX Technologies Stock Performance

Shares of NYSE:SPXC traded down $3.03 during midday trading on Friday, reaching $187.45. The company's stock had a trading volume of 846,701 shares, compared to its average volume of 235,183. The firm has a market capitalization of $8.77 billion, a PE ratio of 42.12, a P/E/G ratio of 1.60 and a beta of 1.32. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. The stock has a fifty day moving average of $186.91 and a 200 day moving average of $160.39. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve 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, beating the consensus estimate 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 analyst estimates of $546.03 million. During the same quarter last year, the business earned $1.42 earnings per share. 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. On average, equities analysts expect that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Oppenheimer upped their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, UBS Group increased their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $195.20.

About SPX Technologies

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.