SPX Technologies (NYSE:SPXC) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

SPX Technologies (NYSE:SPXC) posted its earnings results on Tuesday. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.02, FiscalAI reports. The company had revenue of $637.30 million during the quarter, compared to analysts’ expectations of $625.98 million. SPX Technologies had a net margin of 10.33% and a return on equity of 18.68%.

SPX Technologies Trading Up 2.5%

NYSE SPXC traded up $5.98 during trading on Tuesday, reaching $243.16. 456,885 shares of the stock traded hands, compared to its average volume of 414,840. SPX Technologies has a fifty-two week low of $115.00 and a fifty-two week high of $246.68. The company has a quick ratio of 1.70, a current ratio of 2.47 and a debt-to-equity ratio of 0.23. The firm has a market cap of $12.12 billion, a price-to-earnings ratio of 52.07, a price-to-earnings-growth ratio of 1.67 and a beta of 1.32. The stock’s 50-day moving average price is $216.33 and its 200 day moving average price is $204.03.

Insiders Place Their Bets

In other news, insider J Randall Data sold 12,000 shares of SPX Technologies stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the transaction, the insider directly owned 38,020 shares of the company’s stock, valued at $8,188,367.40. This trade represents a 23.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.32% of the company’s stock.

Institutional Trading of SPX Technologies

Several hedge funds have recently added to or reduced their stakes in SPXC. Advisory Services Network LLC acquired a new position in SPX Technologies in the third quarter valued at about $74,000. Danske Bank A S bought a new position in shares of SPX Technologies during the 3rd quarter valued at about $75,000. Johnson Financial Group Inc. acquired a new position in shares of SPX Technologies in the 3rd quarter valued at approximately $76,000. Kemnay Advisory Services Inc. bought a new stake in SPX Technologies during the 4th quarter worth approximately $81,000. Finally, Empowered Funds LLC acquired a new stake in SPX Technologies during the 4th quarter worth approximately $83,000. Institutional investors and hedge funds own 92.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SPXC. Truist Financial lifted their price target on SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Wall Street Zen upgraded shares of SPX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a research report on Monday, December 29th. B. Riley Financial restated a “buy” rating and set a $244.00 target price (up from $225.00) on shares of SPX Technologies in a research report on Wednesday, December 10th. Finally, TD Cowen reaffirmed a “hold” rating on shares of SPX Technologies in a research note on Tuesday, January 6th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, SPX Technologies has an average rating of “Moderate Buy” and an average price target of $225.29.

SPX Technologies Company Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.