What is Seaport Res Ptn's Estimate for SPXC FY2024 Earnings?

SPX Technologies, Inc. (NYSE:SPXC - Free Report) - Research analysts at Seaport Res Ptn upped their FY2024 earnings per share (EPS) estimates for SPX Technologies in a report issued on Tuesday, December 24th. Seaport Res Ptn analyst W. Liptak now anticipates that the company will post earnings of $5.55 per share for the year, up from their prior forecast of $5.50. The consensus estimate for SPX Technologies' current full-year earnings is $5.56 per share. Seaport Res Ptn also issued estimates for SPX Technologies' Q4 2024 earnings at $1.49 EPS and Q2 2025 earnings at $1.47 EPS.

A number of other brokerages have also recently issued reports on SPXC. Sidoti cut SPX Technologies from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $187.00 to $175.00 in a research report on Friday, December 6th. Wolfe Research initiated coverage on shares of SPX Technologies in a report on Monday, November 25th. They set an "outperform" rating and a $199.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $164.00.

SPX Technologies Stock Down 1.2 %

Shares of NYSE SPXC traded down $1.70 during mid-day trading on Friday, reaching $145.96. 133,628 shares of the company traded hands, compared to its average volume of 251,077. The company's fifty day moving average is $161.30 and its two-hundred day moving average is $154.64. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. SPX Technologies has a fifty-two week low of $95.00 and a fifty-two week high of $183.83. The stock has a market cap of $6.77 billion, a PE ratio of 39.24, a price-to-earnings-growth ratio of 1.55 and a beta of 1.26.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The firm had revenue of $483.70 million for the quarter, compared to the consensus estimate of $501.02 million. During the same period in the prior year, the business posted $1.06 earnings per share. The business's quarterly revenue was up 7.8% on a year-over-year basis.

Institutional Investors Weigh In On SPX Technologies

Hedge funds have recently modified their holdings of the business. American Century Companies Inc. grew its position in SPX Technologies by 195.2% during the second quarter. American Century Companies Inc. now owns 14,492 shares of the company's stock worth $2,060,000 after buying an additional 9,582 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of SPX Technologies by 15.7% during the second quarter. Victory Capital Management Inc. now owns 73,768 shares of the company's stock valued at $10,485,000 after purchasing an additional 10,010 shares during the period. Dana Investment Advisors Inc. acquired a new position in shares of SPX Technologies in the second quarter valued at $855,000. Mutual of America Capital Management LLC lifted its position in SPX Technologies by 212.5% in the third quarter. Mutual of America Capital Management LLC now owns 23,744 shares of the company's stock worth $3,786,000 after purchasing an additional 16,145 shares during the period. Finally, Barclays PLC boosted its stake in SPX Technologies by 299.0% during the third quarter. Barclays PLC now owns 84,567 shares of the company's stock worth $13,485,000 after buying an additional 63,373 shares in the last quarter. 92.82% of the stock is owned by institutional investors.

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.