Voleon Capital Management LP Acquires New Stake in SPX Technologies, Inc. $SPXC

Key Points

• Voleon Capital Management LP has acquired a new position in SPX Technologies, purchasing 9,031 shares valued at approximately $1.16 million during the first quarter of the year.
• Several hedge funds have recently increased their stakes in SPX Technologies, with institutional investors now holding 92.82% of the company's stock.
• SPX Technologies saw an increase in earnings per share for the last quarter, reporting $1.65, surpassing estimates and demonstrating a 10.2% year-over-year revenue growth.

Voleon Capital Management LP bought a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,031 shares of the company's stock, valued at approximately $1,163,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SPXC. NBC Securities Inc. bought a new stake in shares of SPX Technologies during the 1st quarter valued at about $27,000. Eastern Bank bought a new stake in shares of SPX Technologies during the 1st quarter valued at about $38,000. SVB Wealth LLC bought a new position in SPX Technologies in the first quarter worth approximately $39,000. Quarry LP bought a new position in SPX Technologies in the first quarter worth approximately $57,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in SPX Technologies by 211.3% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after acquiring an additional 410 shares in the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

NYSE SPXC traded down $3.56 on Friday, hitting $186.69. 234,956 shares of the stock traded hands, compared to its average volume of 272,957. The business's fifty day moving average is $185.37 and its two-hundred day moving average is $158.91. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $209.38. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 41.95, a PEG ratio of 1.59 and a beta of 1.32. 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 announced its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.20. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. During the same period in the prior year, the company earned $1.42 earnings per share. SPX Technologies's revenue 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. As a group, equities analysts anticipate that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Oppenheimer increased their price target 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 increased their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price 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.