FY2024 Earnings Forecast for SPXC Issued By Seaport Res Ptn

SPX Technologies, Inc. (NYSE:SPXC) – Equities researchers at Seaport Res Ptn raised their FY2024 earnings estimates for shares of SPX Technologies in a research note issued to investors on Tuesday, December 24th. Seaport Res Ptn analyst W. Liptak now anticipates that the company will post earnings per share of $5.55 for the year, up from their prior estimate of $5.50. The consensus estimate for SPX Technologies’ current full-year earnings is $5.56 per share. Seaport Res Ptn also issued estimates for SPX Technologies’ Q4 2024 earnings at $1.49 EPS and Q2 2025 earnings at $1.47 EPS.

SPXC has been the topic of a number of other research reports. Wolfe Research started coverage on SPX Technologies in a research report on Monday, November 25th. They set an “outperform” rating and a $199.00 price target on the stock. Sidoti lowered SPX Technologies from a “buy” rating to a “neutral” rating and decreased their target price for the company from $187.00 to $175.00 in a research report on Friday, December 6th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SPX Technologies currently has a consensus rating of “Hold” and a consensus price target of $164.00.

SPX Technologies Stock Performance

Shares of SPXC stock opened at $145.96 on Friday. SPX Technologies has a 52-week low of $95.00 and a 52-week high of $183.83. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. The stock has a market cap of $6.77 billion, a PE ratio of 39.24, a price-to-earnings-growth ratio of 1.55 and a beta of 1.26. The business has a 50-day simple moving average of $160.94 and a 200-day simple moving average of $154.89.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business had revenue of $483.70 million for the quarter, compared to analyst estimates of $501.02 million. During the same period in the prior year, the company earned $1.06 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis.

Institutional Trading of SPX Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of SPX Technologies by 1.3% during the third quarter. State Street Corp now owns 1,729,989 shares of the company’s stock worth $275,864,000 after buying an additional 22,177 shares during the period. Earnest Partners LLC lifted its position in SPX Technologies by 3.3% during the 2nd quarter. Earnest Partners LLC now owns 1,066,426 shares of the company’s stock worth $151,582,000 after acquiring an additional 33,675 shares during the period. Geode Capital Management LLC grew its stake in shares of SPX Technologies by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,033,825 shares of the company’s stock valued at $164,888,000 after purchasing an additional 8,916 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of SPX Technologies by 45.3% in the third quarter. Janus Henderson Group PLC now owns 696,713 shares of the company’s stock valued at $111,100,000 after purchasing an additional 217,316 shares during the period. Finally, Conestoga Capital Advisors LLC raised its stake in shares of SPX Technologies by 74.6% during the third quarter. Conestoga Capital Advisors LLC now owns 627,260 shares of the company’s stock worth $100,023,000 after purchasing an additional 267,965 shares during the last quarter. Institutional investors and hedge funds own 92.82% 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.