SPX Technologies (NYSE:SPXC) Issues FY24 Earnings Guidance

SPX Technologies (NYSE:SPXC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.15-5.40 for the period, compared to the consensus estimate of $4.98. The company issued revenue guidance of $1.965-2.025 billion, compared to the consensus revenue estimate of $1.97 billion.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPXC. UBS Group increased their price objective on shares of SPX Technologies from $90.00 to $126.00 and gave the stock a neutral rating in a research report on Wednesday, March 27th. StockNews.com downgraded shares of SPX Technologies from a buy rating to a hold rating in a research report on Friday, March 15th. Finally, Oppenheimer reiterated an outperform rating and issued a $134.00 price target (up previously from $124.00) on shares of SPX Technologies in a research note on Thursday, March 28th.

SPX Technologies Stock Performance

Shares of NYSE SPXC traded up $0.15 during mid-day trading on Thursday, reaching $121.95. 311,255 shares of the company were exchanged, compared to its average volume of 232,555. The company has a quick ratio of 1.08, a current ratio of 1.77 and a debt-to-equity ratio of 0.44. SPX Technologies has a twelve month low of $61.09 and a twelve month high of $124.86. The stock has a market capitalization of $5.64 billion, a P/E ratio of 63.44, a P/E/G ratio of 1.34 and a beta of 1.24. The company’s 50-day simple moving average is $118.34 and its 200-day simple moving average is $102.49.

SPX Technologies (NYSE:SPXC) last posted its earnings results on Thursday, February 22nd. The company reported $1.25 EPS for the quarter, hitting the consensus estimate of $1.25. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The business had revenue of $469.40 million for the quarter, compared to the consensus estimate of $481.98 million. During the same period last year, the company earned $1.17 EPS. The firm’s revenue was up 9.3% compared to the same quarter last year. As a group, research analysts predict that SPX Technologies will post 5.05 earnings per share for the current year.

Insider Buying and Selling at SPX Technologies

In other news, insider John William Swann III sold 32,325 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now directly owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the sale, the chief executive officer now directly owns 667,045 shares in the company, valued at $76,936,970.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,373 shares of company stock worth $10,962,146. Insiders own 3.53% of the company’s stock.

SPX Technologies Company Profile

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.