SPX Technologies (NYSE:SPXC) Issues FY24 Earnings Guidance

SPX Technologies (NYSE:SPXC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $5.15-5.40 for the period, compared to the consensus earnings per share estimate of $4.98. The company issued revenue guidance of $1.965-2.025 billion, compared to the consensus revenue estimate of $1.97 billion.

Analysts Set New Price Targets

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

SPX Technologies Price Performance

NYSE SPXC traded up $8.99 on Friday, reaching $130.94. The company’s stock had a trading volume of 626,305 shares, compared to its average volume of 247,577. SPX Technologies has a 52 week low of $61.09 and a 52 week high of $132.79. The company has a current ratio of 1.77, a quick ratio of 1.08 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $118.99 and a 200 day moving average price of $103.28. The firm has a market cap of $6.06 billion, a PE ratio of 63.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, May 2nd. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.06 by $0.19. The company had revenue of $465.20 million for the quarter, compared to analysts’ expectations of $454.05 million. SPX Technologies had a return on equity of 18.44% and a net margin of 5.32%. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 earnings per share. Sell-side analysts expect that SPX Technologies will post 5.38 EPS for the current year.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the sale, the insider now directly owns 82,884 shares in the company, valued at $9,747,987.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SPX Technologies 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 transaction of $4,036,900.00. Following the sale, the chief executive officer now directly owns 667,045 shares of the company’s stock, valued at $76,936,970.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John William Swann III sold 32,325 shares of the business’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 value of $3,801,743.25. Following the transaction, the insider now directly owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 94,373 shares of company stock valued at $10,962,146. 3.53% of the stock is currently owned by company 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.