SPX Technologies (NYSE:SPXC) Updates FY24 Earnings Guidance

SPX Technologies (NYSE:SPXC) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $5.15-5.40 for the period, compared to the consensus EPS 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.

SPX Technologies Stock Performance

SPX Technologies stock traded up $0.15 during trading hours on Thursday, hitting $121.95. 311,255 shares of the stock traded hands, compared to its average volume of 232,555. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 63.44, a P/E/G ratio of 1.34 and a beta of 1.24. SPX Technologies has a 1 year low of $61.09 and a 1 year high of $124.86. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08. The firm’s 50 day moving average price is $118.34 and its 200-day moving average price is $102.49.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.25. SPX Technologies had a return on equity of 17.30% and a net margin of 5.16%. The firm had revenue of $469.40 million for the quarter, compared to analyst estimates of $481.98 million. During the same quarter last year, the company posted $1.17 earnings per share. The business’s revenue was up 9.3% on a year-over-year basis. As a group, equities analysts expect that SPX Technologies will post 5.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPXC has been the subject of several recent research reports. StockNews.com cut shares of SPX Technologies from a buy rating to a hold rating in a report on Friday, March 15th. Oppenheimer reissued an outperform rating and set a $134.00 price objective (up previously from $124.00) on shares of SPX Technologies in a research note on Thursday, March 28th. Finally, UBS Group lifted 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.

Insider Activity at SPX Technologies

In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the transaction, the chief executive officer now directly owns 597,936 shares of the company’s stock, valued at approximately $69,049,649.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other SPX Technologies news, 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 sale, the insider now directly owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Eugene Joseph Lowe III sold 27,048 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the sale, the chief executive officer now owns 597,936 shares of the company’s stock, valued at $69,049,649.28. The disclosure for this sale can be found here. Insiders sold a total of 94,373 shares of company stock valued at $10,962,146 in the last three months. 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.