SPX Technologies (NYSE:SPXC) Hits New 1-Year High Following Earnings Beat

Key Points

• SPX Technologies shares reached a new 52-week high of $190.87 after posting an earnings per share of $1.65, surpassing analyst expectations of $1.45.
• The company's revenue rose to $552.40 million, exceeding estimates and reflecting a 10.2% year-over-year increase.
• Several analysts have rated SPX Technologies positively, with a consensus target price set at $189.60 following multiple upgrades.

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) shares hit a new 52-week high on Friday following a stronger than expected earnings report. The stock traded as high as $190.87 and last traded at $190.06, with a volume of 753 shares traded. The stock had previously closed at $182.39.

The company reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a return on equity of 19.67% and a net margin of 10.13%. SPX Technologies's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $1.42 EPS.

Wall Street Analyst Weigh In

SPXC has been the topic of several recent research reports. B. Riley initiated coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective on the stock. Oppenheimer raised their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, UBS Group raised shares of SPX Technologies from a "neutral" rating to a "buy" rating and raised their price objective for the company from $160.00 to $182.00 in a research report on Monday, June 2nd. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, SPX Technologies presently has a consensus rating of "Buy" and a consensus target price of $189.60.

Insiders Place Their Bets

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the completion of the transaction, the director directly owned 33,770 shares of the company's stock, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. raised its holdings in shares of SPX Technologies by 3.4% in the fourth quarter. Invesco Ltd. now owns 1,150,781 shares of the company's stock valued at $167,462,000 after buying an additional 37,468 shares during the last quarter. Conestoga Capital Advisors LLC raised its holdings in shares of SPX Technologies by 1.4% in the first quarter. Conestoga Capital Advisors LLC now owns 799,195 shares of the company's stock valued at $102,920,000 after buying an additional 11,400 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of SPX Technologies by 3.9% in the fourth quarter. Janus Henderson Group PLC now owns 723,708 shares of the company's stock valued at $105,321,000 after buying an additional 26,995 shares during the last quarter. FMR LLC raised its holdings in shares of SPX Technologies by 8.5% in the fourth quarter. FMR LLC now owns 718,298 shares of the company's stock valued at $104,527,000 after buying an additional 56,175 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in SPX Technologies by 1.7% during the 4th quarter. Nuveen Asset Management LLC now owns 705,843 shares of the company's stock worth $102,714,000 after purchasing an additional 11,771 shares during the last quarter. 92.82% of the stock is owned by institutional investors.

SPX Technologies Price Performance

The stock has a market capitalization of $8.87 billion, a P/E ratio of 44.08, a PEG ratio of 1.59 and a beta of 1.24. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60. The company has a fifty day simple moving average of $165.69 and a two-hundred day simple moving average of $149.60.

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.

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