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

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

SPX Technologies Stock Performance

Shares of NYSE:SPXC traded up $3.16 on Monday, reaching $134.10. 206,384 shares of the company’s stock were exchanged, compared to its average volume of 236,539. The company has a fifty day moving average of $118.99 and a 200-day moving average of $103.28. SPX Technologies has a twelve month low of $70.84 and a twelve month high of $135.91. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of 63.87, a PEG ratio of 1.35 and a beta of 1.24. 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 (NYSE:SPXC) last posted its quarterly 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 business had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter last year, the business posted $0.93 EPS. On average, research analysts predict that SPX Technologies will post 5.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SPXC. Oppenheimer boosted their target price on SPX Technologies from $134.00 to $140.00 and gave the company an outperform rating in a research note on Friday. StockNews.com upgraded SPX Technologies from a hold rating to a buy rating in a research report on Friday. Finally, UBS Group boosted their target price on SPX Technologies from $90.00 to $126.00 and gave the stock a neutral rating in a research report on Wednesday, March 27th.

Insider Buying and Selling at SPX Technologies

In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction dated Monday, March 4th. The stock was 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 approximately $76,936,970.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares in the company, valued at approximately $9,747,987.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,373 shares of company stock worth $10,962,146. 3.53% of the stock is owned by corporate 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.