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

SPX Technologies (NYSE:SPXC) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 5.150-5.400 for the period, compared to the consensus EPS 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 Ratings Changes

A number of research firms recently commented on SPXC. Oppenheimer increased their target price on shares of SPX Technologies from $134.00 to $140.00 and gave the company an outperform rating in a research report on Friday. StockNews.com upgraded shares of SPX Technologies from a hold rating to a buy rating in a research note on Friday. Finally, UBS Group raised their target price 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.

SPX Technologies Stock Up 2.5 %

Shares of NYSE:SPXC traded up $3.33 during trading on Monday, hitting $134.27. 114,762 shares of the company were exchanged, compared to its average volume of 235,710. The company has a current ratio of 1.12, a quick ratio of 0.70 and a debt-to-equity ratio of 0.42. SPX Technologies has a fifty-two week low of $70.84 and a fifty-two week high of $135.91. The stock has a market cap of $6.21 billion, a price-to-earnings ratio of 63.87, a P/E/G ratio of 1.35 and a beta of 1.24. The firm has a fifty day moving average price of $118.99 and a two-hundred day moving average price of $103.28.

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

Insider Transactions at SPX Technologies

In other SPX Technologies news, CEO Eugene Joseph Lowe III sold 35,000 shares of the firm’s 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the company’s stock in a transaction on Monday, March 4th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John William Swann III sold 32,325 shares of the firm’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 transaction of $3,801,743.25. Following the sale, 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 sold a total of 94,373 shares of company stock worth $10,962,146 over the last three months. 3.53% of the stock is currently owned by insiders.

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.