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

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

SPX Technologies Price Performance

Shares of NYSE SPXC traded up $5.98 during midday trading on Tuesday, reaching $243.16. The company’s stock had a trading volume of 456,885 shares, compared to its average volume of 414,840. The business’s 50 day moving average price is $216.33 and its two-hundred day moving average price is $204.03. SPX Technologies has a fifty-two week low of $115.00 and a fifty-two week high of $246.68. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.70 and a current ratio of 2.47. The company has a market cap of $12.12 billion, a P/E ratio of 52.07, a P/E/G ratio of 1.67 and a beta of 1.32.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. TD Cowen reiterated a “hold” rating on shares of SPX Technologies in a report on Tuesday, January 6th. Truist Financial increased their price target on shares of SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a report on Monday, December 29th. B. Riley Financial reiterated a “buy” rating and set a $244.00 target price (up from $225.00) on shares of SPX Technologies in a research note on Wednesday, December 10th. Finally, Wall Street Zen upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, SPX Technologies has a consensus 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 the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $215.37, for a total value of $2,584,440.00. Following the completion of the transaction, the insider owned 38,020 shares of the company’s stock, valued at $8,188,367.40. The trade was a 23.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.32% of the company’s stock.

Institutional Trading of SPX Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Abel Hall LLC purchased a new position in SPX Technologies in the 3rd quarter worth approximately $203,000. Bradley Foster & Sargent Inc. CT purchased a new stake in SPX Technologies during the fourth quarter valued at approximately $200,000. CIBC Private Wealth Group LLC raised its position in SPX Technologies by 7.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 941 shares of the company’s stock worth $188,000 after acquiring an additional 62 shares during the period. Palisade Asset Management LLC purchased a new position in shares of SPX Technologies during the 3rd quarter worth $112,000. Finally, Empowered Funds LLC purchased a new position in shares of SPX Technologies during the 4th quarter worth $83,000. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Company Profile

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.