Q2 2023 EPS Estimates for SPX Technologies, Inc. Raised by Seaport Res Ptn (NYSE:SPXC)

SPX Technologies, Inc. (NYSE:SPXC – Get Rating) – Research analysts at Seaport Res Ptn raised their Q2 2023 earnings estimates for SPX Technologies in a report released on Thursday, May 11th. Seaport Res Ptn analyst W. Liptak now anticipates that the company will post earnings of $0.83 per share for the quarter, up from their previous forecast of $0.82. The consensus estimate for SPX Technologies’ current full-year earnings is $3.91 per share. Seaport Res Ptn also issued estimates for SPX Technologies’ Q4 2024 earnings at $1.37 EPS and FY2024 earnings at $4.39 EPS.

Other research analysts have also recently issued research reports about the stock. Oppenheimer upped their target price on shares of SPX Technologies from $82.00 to $85.00 in a research report on Friday, May 5th. William Blair initiated coverage on SPX Technologies in a report on Monday, April 17th. They issued an “outperform” rating for the company. TheStreet downgraded SPX Technologies from a “b-” rating to a “c” rating in a report on Wednesday, April 26th. Finally, StockNews.com assumed coverage on SPX Technologies in a report on Thursday, March 16th. They issued a “hold” rating for the company.

SPX Technologies Stock Performance

SPXC opened at $72.81 on Monday. The company has a current ratio of 2.08, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $3.31 billion, a PE ratio of 108.67, a P/E/G ratio of 1.02 and a beta of 1.24. The firm has a 50 day moving average of $67.99 and a two-hundred day moving average of $69.07. SPX Technologies has a 12-month low of $45.02 and a 12-month high of $78.30.

SPX Technologies (NYSE:SPXC – Get Rating) last announced its earnings results on Thursday, May 4th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.33. The business had revenue of $399.80 million for the quarter, compared to the consensus estimate of $329.78 million. SPX Technologies had a net margin of 2.03% and a return on equity of 15.33%. The business’s revenue for the quarter was up 30.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 earnings per share.

Institutional Investors Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPXC. Segall Bryant & Hamill LLC acquired a new stake in shares of SPX Technologies in the 3rd quarter valued at about $67,805,000. Norges Bank bought a new stake in SPX Technologies during the 4th quarter valued at $28,629,000. Driehaus Capital Management LLC bought a new stake in SPX Technologies during the 4th quarter valued at $22,390,000. Neuberger Berman Group LLC raised its holdings in SPX Technologies by 1,934.5% during the 4th quarter. Neuberger Berman Group LLC now owns 252,075 shares of the company’s stock valued at $16,549,000 after acquiring an additional 239,685 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its holdings in shares of SPX Technologies by 3.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,265,310 shares of the company’s stock worth $280,018,000 after purchasing an additional 160,366 shares during the period. 92.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, insider J Randall Data sold 17,638 shares of SPX Technologies stock in a transaction on Friday, May 5th. The stock was sold at an average price of $73.87, for a total value of $1,302,919.06. Following the completion of the transaction, the insider now owns 78,124 shares in the company, valued at approximately $5,771,019.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP John Webster Nurkin sold 11,131 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $71.46, for a total value of $795,421.26. Following the sale, the vice president now directly owns 88,196 shares in the company, valued at $6,302,486.16. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider J Randall Data sold 17,638 shares of the company’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $73.87, for a total value of $1,302,919.06. Following the sale, the insider now owns 78,124 shares in the company, valued at approximately $5,771,019.88. The disclosure for this sale can be found here. Insiders have sold 70,095 shares of company stock valued at $4,929,340 in the last 90 days. 4.02% of the stock is currently owned by insiders.

About SPX Technologies

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SPX Technologies, Inc engages in the supply of infrastructure equipment. It operates through the HVAC and Detection and Measurement segments. The HVAC segment engineers, designs, manufactures, installs, and services cooling products and engineered air quality solutions to the HVAC and industrial markets, as well as heating and ventilation products for the residential and commercial markets.