William Blair Has Optimistic Outlook of SPXC FY2024 Earnings

SPX Technologies, Inc. (NYSE:SPXC) – Analysts at William Blair boosted their FY2024 earnings per share (EPS) estimates for SPX Technologies in a research note issued on Thursday, October 31st. William Blair analyst R. Sparenblek now forecasts that the company will post earnings of $5.60 per share for the year, up from their prior forecast of $5.55. The consensus estimate for SPX Technologies’ current full-year earnings is $5.54 per share. William Blair also issued estimates for SPX Technologies’ Q4 2024 earnings at $1.53 EPS and FY2025 earnings at $6.40 EPS.

Separately, Oppenheimer cut SPX Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 18th.

SPX Technologies Stock Up 1.2 %

NYSE:SPXC opened at $145.20 on Friday. SPX Technologies has a 1 year low of $77.90 and a 1 year high of $173.30. The company has a current ratio of 1.28, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The stock has a market cap of $6.72 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 1.59 and a beta of 1.21. The stock has a 50-day moving average price of $157.76 and a two-hundred day moving average price of $146.47.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a return on equity of 20.17% and a net margin of 9.11%. The business had revenue of $483.70 million during the quarter, compared to analysts’ expectations of $501.02 million. During the same period in the previous year, the firm earned $1.06 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SPXC. Conestoga Capital Advisors LLC acquired a new position in shares of SPX Technologies during the second quarter worth about $51,070,000. Nordea Investment Management AB boosted its position in shares of SPX Technologies by 160.6% during the first quarter. Nordea Investment Management AB now owns 382,490 shares of the company’s stock worth $47,069,000 after buying an additional 235,720 shares during the period. Capital International Investors acquired a new position in shares of SPX Technologies during the first quarter worth about $21,819,000. Select Equity Group L.P. bought a new stake in SPX Technologies during the second quarter worth about $24,904,000. Finally, Hood River Capital Management LLC raised its holdings in SPX Technologies by 1,342.6% during the second quarter. Hood River Capital Management LLC now owns 187,537 shares of the company’s stock worth $26,657,000 after acquiring an additional 174,537 shares in the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

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.