SPX Technologies (NYSE:SPXC) Updates FY 2024 Earnings Guidance

SPX Technologies (NYSE:SPXC - Get Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 5.150-5.400 for the period, compared to the consensus EPS estimate of 4.980. The company issued revenue guidance of $2.0 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion.

SPX Technologies Stock Up 7.4 %

Shares of SPX Technologies stock traded up $9.05 during trading hours on Friday, reaching $131.00. 626,305 shares of the company's stock were exchanged, compared to its average volume of 237,143. The company has a 50 day moving average of $118.55 and a two-hundred day moving average of $102.62. SPX Technologies has a fifty-two week low of $61.09 and a fifty-two week high of $132.79. The company has a current ratio of 1.77, a quick ratio of 1.08 and a debt-to-equity ratio of 0.44. The stock has a market cap of $6.06 billion, a P/E ratio of 68.20, a P/E/G ratio of 1.34 and a beta of 1.24.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.19. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The company had revenue of $465.20 million during the quarter, compared to the consensus estimate of $454.05 million. During the same period in the prior year, the business posted $0.93 EPS. The company's quarterly revenue was up 16.4% on a year-over-year basis. On average, sell-side analysts forecast that SPX Technologies will post 5.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SPXC has been the subject of several recent analyst reports. UBS Group raised their target price on shares of SPX Technologies from $90.00 to $126.00 and gave the company a neutral rating in a research note on Wednesday, March 27th. StockNews.com downgraded shares of SPX Technologies from a buy rating to a hold rating in a research note on Friday, March 15th. 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 research note on Friday.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now directly owns 82,884 shares of the company's stock, valued at approximately $9,747,987.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now directly owns 82,884 shares of the company's stock, valued at approximately $9,747,987.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the completion of the transaction, the chief executive officer now directly owns 667,045 shares in the company, valued at $76,936,970.30. The disclosure for this sale can be found here. Insiders have sold a total of 94,373 shares of company stock valued at $10,962,146 in the last three months. 3.53% of the stock is currently owned by company insiders.

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.