SPX Technologies (NYSE:SPXC) Announces Earnings Results, Beats Estimates By $0.19 EPS

SPX Technologies (NYSE:SPXC) issued its quarterly earnings data on Thursday. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.06 by $0.19, Briefing.com reports. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The business had revenue of $465.20 million during the quarter, compared to analyst estimates of $454.05 million. During the same period last year, the business posted $0.93 earnings per share. SPX Technologies’s quarterly revenue 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 Up 7.4 %

NYSE:SPXC traded up $8.99 during trading hours on Friday, reaching $130.94. 626,305 shares of the company traded hands, compared to its average volume of 247,577. SPX Technologies has a 1 year low of $61.09 and a 1 year high of $132.79. The stock has a market capitalization of $6.06 billion, a P/E ratio of 63.87, a P/E/G ratio of 1.34 and a beta of 1.24. The business’s 50-day moving average price is $118.55 and its two-hundred day moving average price is $102.62. The company has a current ratio of 1.77, a quick ratio of 1.08 and a debt-to-equity ratio of 0.44.

Analysts Set New Price Targets

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

Insider Transactions at SPX Technologies

In other news, insider John William Swann III sold 32,325 shares of the 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 sale, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, 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 transaction of $4,036,900.00. Following the sale, the chief executive officer now owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John William Swann III sold 32,325 shares of the 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 transaction, the insider now owns 82,884 shares in the company, valued at approximately $9,747,987.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,373 shares of company stock valued at $10,962,146. Insiders own 3.53% of the company’s stock.

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.