SPX Technologies revenue jumps 23% to $679M as EFG takes new stake
What's the deal? EFG International AGDealroom has a profile for this one. Try Dealroom → bought a new stake in SPX TechnologiesDealroom has a profile for this one. Try Dealroom →, purchasing 25,299 shares worth about $6,205,000 during the second quarter, according to Holdings Channel. The move coincides with the diversified industrials group posting a 22.9% year-over-year jump in quarterly revenue to $679 million.
The numbers: SPX Technologies reported earnings of $2.02 per share for the quarter ended July 30, beating the consensus estimate of $1.85. Revenue also topped forecasts of $640.18 million, while net margin reached 11.27% and return on equity hit 16.53%.
Why now? The results mark a sharp lift from the $1.65 per share the company earned in the same period a year earlier. SPX has set its full-year 2026 guidance at $8.20 to $8.60 per share, with analysts expecting $8.47 on average.
Who else is buying? EFG joins a crowded institutional roster. BlackRock added a new stake worth roughly $1,189,365,000 in the second quarter, Invesco lifted its holding by 62.4% to shares valued at $351 million, and Capital International InvestorsDealroom has a profile for this one. Try Dealroom → opened a position worth about $307,494,000. Hedge funds and other institutions now own 92.82% of the stock.
What could go wrong? Shares opened at $201.55 on Wednesday, below both the 50-day moving average of $219.88 and the 200-day average of $217.42. The stock trades at a price-to-earnings ratio of 36.25, leaving little room for disappointment against a market capitalisation of $10.10 billion.
The signal: Analyst sentiment remains firmly bullish despite the recent pullback. With one strong buy, nine buy, and one hold rating, SPX carries an average "buy" rating and a $266.67 price target — roughly 32% above where the shares now trade.
Read more: tickerreport.com
Image credit: Oran Viriyincy
