SPX Technologies (NYSE:SPXC) Announces Earnings Results

SPX Technologies (NYSE:SPXC) released its quarterly earnings data on Thursday. The company reported $1.25 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $454.05 million. During the same quarter in the prior year, the company earned $0.93 earnings per share. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. SPX Technologies updated its FY24 guidance to $5.15-5.40 EPS.

SPX Technologies Stock Performance

Shares of SPXC stock traded up $8.99 on Friday, hitting $130.94. The company’s stock had a trading volume of 626,305 shares, compared to its average volume of 247,577. SPX Technologies has a fifty-two week low of $61.09 and a fifty-two week high of $132.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The stock’s 50 day moving average is $118.55 and its 200-day moving average is $102.62. The company has a market capitalization of $6.06 billion, a PE ratio of 63.87, a PEG ratio of 1.34 and a beta of 1.24.

Insider Buying and Selling at SPX Technologies

In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the sale, the chief executive officer now directly owns 667,045 shares in the company, valued at $76,936,970.30. The transaction was disclosed in a document filed with the SEC, 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 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 of the company’s stock, valued at approximately $9,747,987.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the sale, 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 sold 94,373 shares of company stock valued at $10,962,146 in the last quarter. Company insiders own 3.53% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.