Private Advisor Group LLC Buys New Position in SPX Technologies, Inc. (NYSE:SPXC)

Private Advisor Group LLC bought a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,888 shares of the company’s stock, valued at approximately $979,000.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in SPX Technologies by 3.5% during the first quarter. Vanguard Group Inc. now owns 5,173,939 shares of the company’s stock worth $637,067,000 after acquiring an additional 173,021 shares during the period. Artisan Partners Limited Partnership lifted its holdings in SPX Technologies by 15.2% during the fourth quarter. Artisan Partners Limited Partnership now owns 809,824 shares of the company’s stock worth $81,800,000 after acquiring an additional 106,798 shares during the period. Principal Financial Group Inc. lifted its holdings in SPX Technologies by 17.4% during the second quarter. Principal Financial Group Inc. now owns 520,416 shares of the company’s stock worth $73,972,000 after acquiring an additional 77,008 shares during the period. Norges Bank bought a new stake in SPX Technologies during the fourth quarter worth $48,528,000. Finally, Bank of New York Mellon Corp lifted its holdings in SPX Technologies by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 397,605 shares of the company’s stock worth $56,516,000 after acquiring an additional 8,931 shares during the period. Hedge funds and other institutional investors own 92.82% of the company’s stock.

SPX Technologies Stock Performance

Shares of SPXC opened at $153.87 on Tuesday. The firm has a market cap of $7.12 billion, a PE ratio of 75.06, a PEG ratio of 1.49 and a beta of 1.22. The stock’s fifty day moving average price is $150.28 and its two-hundred day moving average price is $136.87. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.28 and a quick ratio of 0.81. SPX Technologies, Inc. has a 1 year low of $77.84 and a 1 year high of $164.91.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Thursday, August 1st. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.17. The firm had revenue of $501.30 million for the quarter, compared to analyst estimates of $492.08 million. SPX Technologies had a return on equity of 19.20% and a net margin of 5.53%. The business’s revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.06 earnings per share. On average, equities research analysts forecast that SPX Technologies, Inc. will post 5.54 EPS for the current year.

Insider Activity at SPX Technologies

In related news, insider J Randall Data sold 39,412 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $143.89, for a total transaction of $5,670,992.68. Following the sale, the insider now directly owns 52,657 shares in the company, valued at approximately $7,576,815.73. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.53% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Oppenheimer lowered SPX Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, July 18th.

SPX Technologies 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.