SPX Technologies, Inc. $SPXC Shares Sold by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. reduced its holdings in SPX Technologies by 44.6%, selling 533,695 shares and now owning 661,977 shares, valued at approximately $85.25 million.
• The company's stock shows a one-year price range between $115.00 and $209.38, with a current market capitalization of $8.72 billion and a price-to-earnings ratio of 41.89.
• SPX Technologies reported earnings of $1.65 per share for the quarter, exceeding expectations, and set a FY 2025 guidance of 6.350-6.650 EPS.

T. Rowe Price Investment Management Inc. lessened its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 44.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 661,977 shares of the company's stock after selling 533,695 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 1.42% of SPX Technologies worth $85,250,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new position in SPX Technologies during the 1st quarter worth $27,000. Eastern Bank acquired a new stake in shares of SPX Technologies in the 1st quarter worth approximately $38,000. Skandinaviska Enskilda Banken AB publ grew its holdings in SPX Technologies by 211.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after buying an additional 410 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of SPX Technologies by 18.5% during the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock worth $83,000 after purchasing an additional 98 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in SPX Technologies by 28.2% in the first quarter. Signaturefd LLC now owns 805 shares of the company's stock valued at $104,000 after acquiring an additional 177 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.

SPX Technologies Stock Up 0.2%

NYSE:SPXC traded up $0.30 during trading hours on Wednesday, reaching $192.35. The company had a trading volume of 82,643 shares, compared to its average volume of 322,862. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of 43.13, a P/E/G ratio of 1.61 and a beta of 1.27. The business's 50-day simple moving average is $179.38 and its two-hundred day simple moving average is $155.17. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $209.38. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced 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 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. 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 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPXC. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. UBS Group upped their price target on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. B. Riley initiated coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price for the company. Finally, Oppenheimer lifted their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $195.20.

Insider Transactions at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the completion of the transaction, the director directly owned 33,770 shares of the company's stock, valued at $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.32% of the stock is currently owned by company insiders.

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.