Goldman Sachs Group Inc. Trims Stock Position in SPX Technologies, Inc. (NYSE:SPXC)

Goldman Sachs Group Inc. lessened its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 1.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 625,427 shares of the company’s stock after selling 11,962 shares during the quarter. Goldman Sachs Group Inc. owned about 1.37% of SPX Technologies worth $63,174,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in SPX Technologies by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 5,014,424 shares of the company’s stock valued at $408,174,000 after purchasing an additional 50,178 shares during the last quarter. Ameriprise Financial Inc. raised its position in SPX Technologies by 11.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,579,646 shares of the company’s stock valued at $128,583,000 after purchasing an additional 165,544 shares during the last quarter. FMR LLC raised its position in SPX Technologies by 23.0% in the 3rd quarter. FMR LLC now owns 1,338,942 shares of the company’s stock valued at $108,990,000 after purchasing an additional 250,494 shares during the last quarter. Artisan Partners Limited Partnership raised its position in SPX Technologies by 15.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 809,824 shares of the company’s stock valued at $81,800,000 after purchasing an additional 106,798 shares during the last quarter. Finally, Northern Trust Corp raised its position in SPX Technologies by 0.3% in the 3rd quarter. Northern Trust Corp now owns 510,197 shares of the company’s stock valued at $41,530,000 after purchasing an additional 1,466 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SPXC shares. William Blair reissued an “outperform” rating on shares of SPX Technologies in a research note on Friday, May 3rd. StockNews.com cut shares of SPX Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 11th. Oppenheimer boosted their price objective on shares of SPX Technologies from $134.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Finally, UBS Group boosted their price objective on shares of SPX Technologies from $126.00 to $142.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th.

SPX Technologies Stock Performance

NYSE:SPXC opened at $138.18 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 1.12 and a debt-to-equity ratio of 0.42. SPX Technologies, Inc. has a fifty-two week low of $76.61 and a fifty-two week high of $145.65. The stock has a market cap of $6.39 billion, a PE ratio of 67.41, a price-to-earnings-growth ratio of 1.40 and a beta of 1.21. The firm’s fifty day simple moving average is $131.83 and its 200-day simple moving average is $115.33.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The business had revenue of $465.20 million for the quarter, compared to analysts’ expectations of $454.05 million. During the same period in the prior year, the company posted $0.93 EPS. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. Analysts expect that SPX Technologies, Inc. will post 5.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the sale, the insider now directly owns 82,884 shares in the company, valued at approximately $9,747,987.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.53% of the company’s stock.

SPX Technologies Company Profile

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.