SPX Technologies, Inc. (NYSE:SPXC – Get Rating) – Equities research analysts at Oppenheimer dropped their Q3 2022 earnings per share estimates for SPX Technologies in a research note issued on Thursday, September 29th. Oppenheimer analyst B. Blair now forecasts that the company will post earnings per share of $0.67 for the quarter, down from their previous forecast of $0.68. Oppenheimer currently has a "Buy" rating and a $72.00 target price on the stock. The consensus estimate for SPX Technologies' current full-year earnings is $2.84 per share. Oppenheimer also issued estimates for SPX Technologies' Q4 2022 earnings at $1.03 EPS.
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Other research analysts also recently issued research reports about the company. StockNews.com upgraded SPX Technologies from a "hold" rating to a "buy" rating in a report on Monday, August 8th. TheStreet raised SPX Technologies from a "c" rating to a "b-" rating in a research report on Tuesday, July 19th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.00.
SPX Technologies Stock Up 0.1 %
Shares of NYSE SPXC opened at $55.22 on Monday. SPX Technologies has a 1 year low of $41.66 and a 1 year high of $68.24. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 7.11, a price-to-earnings-growth ratio of 1.08 and a beta of 1.23. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.11 and a quick ratio of 1.47. The business has a 50-day moving average of $58.32 and a two-hundred day moving average of $52.56.
SPX Technologies (NYSE:SPXC – Get Rating) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.10. SPX Technologies had a return on equity of 10.25% and a net margin of 27.91%. The business had revenue of $354.00 million during the quarter, compared to analysts' expectations of $341.43 million.
Insiders Place Their Bets
In other SPX Technologies news, insider John William Swann III sold 9,365 shares of the firm's stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $55.00, for a total transaction of $515,075.00. Following the completion of the transaction, the insider now owns 83,472 shares of the company's stock, valued at $4,590,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.70% of the stock is currently owned by company insiders.
Institutional Trading of SPX Technologies
Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of SPX Technologies by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 740,215 shares of the company's stock valued at $44,176,000 after buying an additional 32,506 shares in the last quarter. State Street Corp lifted its stake in shares of SPX Technologies by 2.8% in the fourth quarter. State Street Corp now owns 1,547,751 shares of the company's stock valued at $92,370,000 after buying an additional 42,505 shares during the period. Commerce Bank lifted its stake in shares of SPX Technologies by 42.7% in the fourth quarter. Commerce Bank now owns 11,080 shares of the company's stock valued at $661,000 after buying an additional 3,315 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of SPX Technologies by 270.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 71,705 shares of the company's stock valued at $4,279,000 after buying an additional 52,342 shares during the period. Finally, Segall Bryant & Hamill LLC increased its holdings in shares of SPX Technologies by 2.2% during the fourth quarter. Segall Bryant & Hamill LLC now owns 1,159,306 shares of the company's stock worth $69,190,000 after buying an additional 25,353 shares in the last quarter. 86.84% of the stock is owned by hedge funds and other institutional investors.
About SPX Technologies
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SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. 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 and comfort heating and ventilation products for the residential and commercial markets.
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