Research Analysts Issue Forecasts for SPX Technologies, Inc.'s Q2 2024 Earnings (NYSE:SPXC)

SPX Technologies, Inc. (NYSE:SPXC - Free Report) - Investment analysts at Seaport Res Ptn increased their Q2 2024 EPS estimates for shares of SPX Technologies in a research note issued on Monday, May 13th. Seaport Res Ptn analyst W. Liptak now anticipates that the company will post earnings per share of $1.25 for the quarter, up from their previous forecast of $1.15. The consensus estimate for SPX Technologies' current full-year earnings is $5.37 per share. Seaport Res Ptn also issued estimates for SPX Technologies' Q3 2024 earnings at $1.29 EPS, Q4 2024 earnings at $1.57 EPS, FY2024 earnings at $5.35 EPS, Q2 2025 earnings at $1.42 EPS, Q3 2025 earnings at $1.47 EPS, Q4 2025 earnings at $1.78 EPS and FY2025 earnings at $6.06 EPS.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.19. The company had revenue of $465.20 million during the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period last year, the business earned $0.93 EPS.

Several other research analysts have also weighed in on the stock. William Blair reissued an "outperform" rating on shares of SPX Technologies in a report on Friday, May 3rd. UBS Group raised their price target on shares of SPX Technologies from $126.00 to $142.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 8th. StockNews.com downgraded shares of SPX Technologies from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Oppenheimer raised their price target on shares of SPX Technologies from $134.00 to $140.00 and gave the stock an "outperform" rating in a research report on Friday, May 3rd. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, SPX Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $141.00.

SPX Technologies Stock Up 1.0 %

SPXC stock traded up $1.45 during mid-day trading on Tuesday, hitting $140.45. 122,659 shares of the company were exchanged, compared to its average volume of 240,135. The company has a market capitalization of $6.49 billion, a PE ratio of 68.49, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24. The company has a current ratio of 1.12, a quick ratio of 0.70 and a debt-to-equity ratio of 0.42. SPX Technologies has a twelve month low of $71.89 and a twelve month high of $142.36. The firm has a fifty day simple moving average of $121.70 and a 200 day simple moving average of $105.74.

Insider Activity at SPX Technologies

In related news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $115.48, for a total value of $3,123,503.04. Following the sale, the chief executive officer now directly owns 597,936 shares in the company, valued at approximately $69,049,649.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $115.48, for a total value of $3,123,503.04. Following the sale, the chief executive officer now directly owns 597,936 shares in the company, valued at approximately $69,049,649.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the completion of the sale, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. Insiders have sold a total of 94,373 shares of company stock worth $10,962,146 in the last ninety days. 3.53% of the stock is owned by insiders.

Institutional Trading of SPX Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Knights of Columbus Asset Advisors LLC raised its position in shares of SPX Technologies by 240.3% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 59,531 shares of the company's stock worth $6,013,000 after buying an additional 42,039 shares in the last quarter. Raymond James & Associates raised its position in shares of SPX Technologies by 153.2% during the 4th quarter. Raymond James & Associates now owns 24,895 shares of the company's stock worth $2,515,000 after buying an additional 15,063 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of SPX Technologies during the 4th quarter worth about $2,303,000. FMR LLC raised its position in shares of SPX Technologies by 23.0% during the 3rd quarter. FMR LLC now owns 1,338,942 shares of the company's stock worth $108,990,000 after buying an additional 250,494 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of SPX Technologies by 16.7% during the 3rd quarter. Sei Investments Co. now owns 162,586 shares of the company's stock worth $13,235,000 after buying an additional 23,287 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors.

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.