SPX Technologies (NYSE:SPXC) Updates FY 2024 Earnings Guidance

SPX Technologies (NYSE:SPXC) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 5.150-5.400 for the period, compared to the consensus earnings per share estimate of 4.980. The company issued revenue guidance of $2.0 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. StockNews.com upgraded shares of SPX Technologies from a hold rating to a buy rating in a research note on Friday. Oppenheimer increased their price target on shares of SPX Technologies from $134.00 to $140.00 and gave the stock an outperform rating in a research note on Friday. Finally, UBS Group increased their price target on shares of SPX Technologies from $90.00 to $126.00 and gave the stock a neutral rating in a research note on Wednesday, March 27th.

SPX Technologies Price Performance

SPXC traded up $3.16 during midday trading on Monday, hitting $134.10. The company had a trading volume of 206,384 shares, compared to its average volume of 236,539. SPX Technologies has a twelve month low of $70.84 and a twelve month high of $135.91. The firm’s 50-day simple moving average is $118.99 and its 200-day simple moving average is $103.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.70 and a current ratio of 1.12. The company has a market capitalization of $6.20 billion, a PE ratio of 63.87, a P/E/G ratio of 1.35 and a beta of 1.24.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.19. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The business had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. During the same quarter last year, the firm earned $0.93 EPS. SPX Technologies’s quarterly revenue was up 16.4% compared to the same quarter last year. Equities research analysts predict that SPX Technologies will post 5.38 EPS for the current fiscal year.

Insider Activity

In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction on 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 approximately $76,936,970.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of the company’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 sale, the chief executive officer now directly owns 667,045 shares in the company, valued at $76,936,970.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, 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 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 disclosure for this sale can be found here. Insiders have sold 94,373 shares of company stock valued at $10,962,146 over the last ninety days. 3.53% of the stock is currently owned by company insiders.

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.