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

SPX Technologies (NYSE:SPXC) posted its quarterly earnings results on Thursday. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.06 by $0.19, Briefing.com reports. The business had revenue of $465.20 million during the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.93 EPS. SPX Technologies updated its FY24 guidance to $5.15-5.40 EPS.

SPX Technologies Price Performance

NYSE SPXC traded up $8.99 on Friday, reaching $130.94. 626,305 shares of the stock traded hands, compared to its average volume of 247,577. The company has a quick ratio of 1.08, a current ratio of 1.77 and a debt-to-equity ratio of 0.44. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 63.87, a P/E/G ratio of 1.34 and a beta of 1.24. The firm’s fifty day simple moving average is $118.55 and its 200 day simple moving average is $102.62. SPX Technologies has a 12 month low of $61.09 and a 12 month high of $132.79.

Insider Buying and Selling

In other SPX Technologies news, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction that occurred 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 in the company, valued at $9,747,987.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was 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 approximately $9,747,987.24. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the completion of the transaction, the chief executive officer now owns 667,045 shares of the company’s stock, valued at $76,936,970.30. The disclosure for this sale can be found here. Insiders have sold a total of 94,373 shares of company stock valued at $10,962,146 over the last three months. Company insiders own 3.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SPXC. StockNews.com raised SPX Technologies from a “hold” rating to a “buy” rating in a report on Friday. UBS Group upped their price target 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. Finally, 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 research note on Friday.

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.