Wellington Management Group LLP Lowers Stock Holdings in SPX Technologies, Inc. $SPXC

Key Points

• Wellington Management Group LLP has reduced its stake in SPX Technologies, owning approximately 0.47% of the company valued at around $28.56 million after selling 27,282 shares in the first quarter.
• SPX Technologies received price target increases from UBS Group ($210) and Oppenheimer ($197), reflecting a positive outlook with a consensus rating of "Buy".
• The company reported earnings of $1.65 per share for the last quarter, exceeding expectations, with revenue of $552.4 million indicating a 10.2% year-over-year increase.

Wellington Management Group LLP lessened its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 11.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 221,799 shares of the company's stock after selling 27,282 shares during the period. Wellington Management Group LLP owned 0.47% of SPX Technologies worth $28,563,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Comerica Bank raised its position in shares of SPX Technologies by 25.4% during the 4th quarter. Comerica Bank now owns 86,267 shares of the company's stock worth $12,554,000 after acquiring an additional 17,472 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of SPX Technologies during the 1st quarter worth about $890,000. Pacer Advisors Inc. raised its position 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. Hsbc Holdings PLC raised its position in shares of SPX Technologies by 61.4% during the 4th quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock worth $1,620,000 after acquiring an additional 4,229 shares in the last quarter. Finally, Bessemer Group Inc. raised its position 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.

Analysts Set New Price Targets

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

SPX Technologies Stock Performance

Shares of SPXC stock traded down $3.87 during midday trading on Friday, hitting $187.26. The company had a trading volume of 216,556 shares, compared to its average volume of 586,894. The company's 50 day simple moving average is $181.45 and its 200 day simple moving average is $155.94. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $209.38. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 42.08, a PEG ratio of 1.59 and a beta of 1.27. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its earnings results 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 company had revenue of $552.40 million for the quarter, compared to the consensus estimate of $546.03 million. During the same period last year, the business posted $1.42 EPS. The company'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. Research analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

SPX Technologies Company 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.