SPX Technologies (NYSE:SPXC) Releases Earnings Results, Beats Expectations By $0.19 EPS

SPX Technologies (NYSE:SPXC - Get Free Report) released its earnings results on Thursday. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.19, Briefing.com reports. SPX Technologies had a return on equity of 18.44% and a net margin of 5.32%. The firm had revenue of $465.20 million during the quarter, compared to analysts' expectations of $454.05 million. During the same quarter last year, the business posted $0.93 earnings per share. The firm's revenue was up 16.4% on a year-over-year basis. SPX Technologies updated its FY24 guidance to $5.15-5.40 EPS.

SPX Technologies Trading Up 7.4 %

NYSE SPXC traded up $8.99 during trading hours on Friday, hitting $130.94. 626,305 shares of the company were exchanged, compared to its average volume of 247,577. SPX Technologies has a 52 week low of $61.09 and a 52 week high of $132.79. The company has a quick ratio of 1.08, a current ratio of 1.77 and a debt-to-equity ratio of 0.44. The stock has a 50-day moving average price of $118.99 and a 200 day moving average price of $103.12. The stock has a market cap of $6.06 billion, a PE ratio of 63.87, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24.

Analysts Set New Price Targets

SPXC has been the subject of several research analyst reports. UBS Group increased their target price on SPX Technologies from $90.00 to $126.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 27th. StockNews.com raised SPX Technologies from a "hold" rating to a "buy" rating in a report on Friday. Finally, Oppenheimer raised their target price on shares of SPX Technologies from $134.00 to $140.00 and gave the company an "outperform" rating in a report on Friday.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction on Friday, March 1st. The shares were sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the transaction, the chief executive officer now directly owns 597,936 shares of the company's stock, valued at $69,049,649.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider John William Swann III sold 32,325 shares of the company's stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares of the company's stock, valued at $9,747,987.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Eugene Joseph Lowe III sold 27,048 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $115.48, for a total value of $3,123,503.04. Following the completion of the sale, the chief executive officer now owns 597,936 shares in the company, valued at $69,049,649.28. 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 over the last ninety days. Company insiders own 3.53% of the company's stock.

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.