SPX Technologies (NYSE:SPXC – Get Free Report) issued its earnings results on Thursday. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19, Briefing.com reports. The company had revenue of $465.20 million during the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a return on equity of 18.44% and a net margin of 5.32%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the business posted $0.93 EPS. SPX Technologies updated its FY24 guidance to $5.15-5.40 EPS.
SPX Technologies Stock Performance
Shares of SPXC stock traded up $8.99 on Friday, hitting $130.94. The company had a trading volume of 626,305 shares, compared to its average volume of 247,577. SPX Technologies has a twelve month low of $61.09 and a twelve month high of $132.79. 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 firm has a market cap of $6.06 billion, a P/E ratio of 63.87, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24. The company has a 50-day moving average price of $118.55 and a 200-day moving average price of $102.62.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on SPXC shares. StockNews.com upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research note on Friday. Oppenheimer raised their price target on shares of SPX Technologies from $134.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, UBS Group upped their price objective on shares of SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a report on Wednesday, March 27th.
Insider Buying and Selling
In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of SPX Technologies 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 completion of the transaction, the insider now owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the 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 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. Insiders have sold a total of 94,373 shares of company stock valued at $10,962,146 over the last ninety days. Company 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.
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