SPX Technologies (SPXC) shares rallied 3.8% in the last trading session to close at $223.52. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.4% gain over the past four weeks.
SPXC stock rose likely due to continued strength in industrial shares and optimism around HVAC and data-center cooling demand.
This infrastructure equipment supplier is expected to post quarterly earnings of $1.54 per share in its upcoming report, which represents a year-over-year change of +11.6%. Revenues are expected to be $553.15 million, up 14.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For SPX Technologies, the consensus EPS estimate for the quarter has been revised 1.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SPXC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
SPX Technologies is part of the Zacks Building Products - Air Conditioner and Heating industry. Fortune Brands Innovations (FBIN), another stock in the same industry, closed the last trading session 5.6% higher at $40.43. FBIN has returned -6.4% in the past month.
Fortune Brands Innovations' consensus EPS estimate for the upcoming report has changed +1.4% over the past month to $0.56. Compared to the company's year-ago EPS, this represents a change of -15.2%. Fortune Brands Innovations currently boasts a Zacks Rank of #4 (Sell).
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SPX Technologies, Inc. (SPXC): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).