State of Alaska Department of Revenue Increases Holdings in SPX Technologies, Inc. $SPXC

Key Points

• The State of Alaska Department of Revenue increased its holdings in SPX Technologies, Inc. by 8.3%, owning a total of 27,824 shares valued at approximately $4,665,000 as of their latest filing.
• SPX Technologies reported earnings per share (EPS) of $1.65 for the last quarter, surpassing analysts' expectations of $1.45 and demonstrating a year-over-year revenue increase of 10.2%.
• Several analysts have upgraded SPX Technologies' stock ratings, with Oppenheimer increasing its price target from $170.00 to $197.00 and UBS raising theirs from $182.00 to $210.00, signaling strong investor interest.

State of Alaska Department of Revenue grew its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 8.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,824 shares of the company's stock after buying an additional 2,137 shares during the period. State of Alaska Department of Revenue owned 0.06% of SPX Technologies worth $4,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in shares of SPX Technologies during the first quarter worth about $890,000. Pacer Advisors Inc. boosted its stake in shares of SPX Technologies by 80.1% during the 1st quarter. Pacer Advisors Inc. now owns 1,951 shares of the company's stock worth $251,000 after acquiring an additional 868 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in shares of SPX Technologies by 794.1% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 14,126 shares of the company's stock worth $1,819,000 after acquiring an additional 12,546 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of SPX Technologies during the 2nd quarter worth approximately $1,878,000. Finally, Bessemer Group Inc. boosted its stake in shares of SPX Technologies by 1,544.0% during the 1st quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock worth $870,000 after acquiring an additional 6,346 shares in the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.

SPX Technologies Stock Performance

Shares of NYSE SPXC opened at $183.84 on Tuesday. 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 firm's 50-day moving average price is $188.05 and its two-hundred day moving average price is $162.69. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $209.38. The stock has a market capitalization of $8.60 billion, a P/E ratio of 41.31, a P/E/G ratio of 1.56 and a beta of 1.32.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued 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. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The firm 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 posted $1.42 earnings per share. SPX Technologies's revenue was up 10.2% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, sell-side analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SPXC shares. Oppenheimer boosted their price target on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. UBS Group upped their price objective on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average 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.

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