Voya Investment Management LLC Buys 5,602 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Voya Investment Management LLC increased its stake in SPX Technologies by 23.6% in Q1, acquiring an additional 5,602 shares to reach a total of 29,380 shares.
• Several institutional investors, including Nuveen LLC and Champlain Investment Partners LLC, made significant investments in SPX Technologies during the same quarter.
• SPX Technologies reported a quarterly earnings per share of $1.65, exceeding analyst expectations, with its revenue rising 10.2% year-over-year.

Voya Investment Management LLC grew its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 23.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,380 shares of the company's stock after acquiring an additional 5,602 shares during the quarter. Voya Investment Management LLC owned 0.06% of SPX Technologies worth $3,784,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. NBC Securities Inc. acquired a new stake in SPX Technologies during the first quarter worth $27,000. Eastern Bank acquired a new stake in shares of SPX Technologies during the 1st quarter valued at about $38,000. SVB Wealth LLC bought a new stake in SPX Technologies in the first quarter valued at about $39,000. Quarry LP acquired a new position in SPX Technologies in the first quarter worth about $57,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in SPX Technologies by 211.3% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after purchasing an additional 410 shares during the period. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPXC has been the topic of several analyst reports. Wall Street Zen upgraded SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Oppenheimer lifted their price objective on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, UBS Group upped their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Trading Down 1.6%

NYSE:SPXC traded down $3.03 during trading hours on Friday, hitting $187.45. 846,701 shares of the stock were exchanged, compared to its average volume of 235,183. The company has a market capitalization of $8.77 billion, a P/E ratio of 42.12, a price-to-earnings-growth 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 company's 50 day moving average is $186.91 and its two-hundred day moving average is $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 released its earnings results 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. The company had revenue of $552.40 million during the quarter, compared to the consensus estimate of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.The firm's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, sell-side analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

SPX Technologies 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.