SPX Technologies, Inc. $SPXC Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB cut its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 0.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 359,824 shares of the company’s stock after selling 323 shares during the quarter. Nordea Investment Management AB owned about 0.77% of SPX Technologies worth $59,868,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Eastern Bank acquired a new position in shares of SPX Technologies during the 1st quarter worth $38,000. SVB Wealth LLC acquired a new position in shares of SPX Technologies during the 1st quarter worth $39,000. Quarry LP acquired a new position in shares of SPX Technologies during the 1st quarter worth $57,000. Skandinaviska Enskilda Banken AB publ grew its stake in shares of SPX Technologies by 211.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company’s stock worth $78,000 after purchasing an additional 410 shares during the period. Finally, NewEdge Advisors LLC grew its stake in shares of SPX Technologies by 21.8% during the 1st quarter. NewEdge Advisors LLC now owns 625 shares of the company’s stock worth $80,000 after purchasing an additional 112 shares during the period. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Stock Up 0.6%

Shares of NYSE SPXC opened at $183.96 on Friday. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $209.38. The firm’s 50 day moving average price is $187.38 and its 200 day moving average price is $167.50. The firm has a market cap of $8.60 billion, a P/E ratio of 41.34, a price-to-earnings-growth ratio of 1.88 and a beta of 1.37. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.20. The firm had revenue of $552.40 million for the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. SPX Technologies’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, sell-side analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Analysts Set New Price Targets

SPXC has been the topic of a number of research reports. Bank of America initiated coverage on shares of SPX Technologies in a research note on Wednesday, October 8th. They issued a “neutral” rating and a $202.00 price objective on the stock. Wall Street Zen downgraded SPX Technologies from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Wells Fargo & Company initiated coverage on SPX Technologies in a report on Tuesday. They set an “overweight” rating and a $205.00 target price on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of SPX Technologies in a report on Wednesday, October 8th. Finally, UBS Group upped their price objective on SPX Technologies from $182.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, SPX Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $197.57.

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.