SPX Technologies (NYSE:SPXC) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

SPX Technologies (NYSE:SPXC) released its quarterly earnings results on Tuesday. The company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.86 by $0.02, FiscalAI reports. The business had revenue of $637.30 million for the quarter, compared to analyst estimates of $625.98 million. SPX Technologies had a net margin of 10.33% and a return on equity of 18.68%.

SPX Technologies Price Performance

SPX Technologies stock traded up $5.98 during midday trading on Tuesday, reaching $243.16. The company’s stock had a trading volume of 458,164 shares, compared to its average volume of 414,844. The company has a current ratio of 2.47, a quick ratio of 1.70 and a debt-to-equity ratio of 0.23. The stock has a market cap of $12.12 billion, a PE ratio of 52.07, a price-to-earnings-growth ratio of 1.67 and a beta of 1.32. SPX Technologies has a 52 week low of $115.00 and a 52 week high of $246.68. The business has a 50-day moving average price of $216.33 and a 200-day moving average price of $204.03.

Analyst Ratings Changes

SPXC has been the subject of several recent research reports. Bank of America upgraded SPX Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $240.00 to $280.00 in a research note on Friday, February 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a research report on Monday, December 29th. Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Truist Financial boosted their price target on SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Finally, TD Cowen reaffirmed a “hold” rating on shares of SPX Technologies in a research report on Tuesday, January 6th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $225.29.

Insider Buying and Selling at SPX Technologies

In related news, insider J Randall Data sold 12,000 shares of SPX Technologies stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the sale, the insider directly owned 38,020 shares of the company’s stock, valued at approximately $8,188,367.40. The trade was a 23.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.32% of the company’s stock.

Institutional Trading of SPX Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in shares of SPX Technologies by 62.8% during the second quarter. EverSource Wealth Advisors LLC now owns 425 shares of the company’s stock worth $71,000 after buying an additional 164 shares in the last quarter. Advisory Services Network LLC bought a new stake in SPX Technologies during the 3rd quarter worth $74,000. Danske Bank A S acquired a new position in SPX Technologies in the 3rd quarter worth about $75,000. Johnson Financial Group Inc. bought a new position in SPX Technologies in the third quarter valued at about $76,000. Finally, NewEdge Advisors LLC boosted its stake in shares of SPX Technologies by 21.8% during the first quarter. NewEdge Advisors LLC now owns 625 shares of the company’s stock valued at $80,000 after purchasing an additional 112 shares in the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

About SPX Technologies

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.