Oppenheimer Asset Management Inc. Raises Stake in SPX Technologies, Inc. (NYSE:SPXC)

Oppenheimer Asset Management Inc. lifted its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 8.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 18,835 shares of the company’s stock after purchasing an additional 1,417 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in SPX Technologies were worth $2,677,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SPXC. Thoroughbred Financial Services LLC acquired a new position in SPX Technologies during the 2nd quarter worth approximately $625,000. American Century Companies Inc. raised its position in shares of SPX Technologies by 195.2% in the 2nd quarter. American Century Companies Inc. now owns 14,492 shares of the company’s stock valued at $2,060,000 after purchasing an additional 9,582 shares in the last quarter. Choreo LLC acquired a new position in shares of SPX Technologies in the 2nd quarter valued at approximately $282,000. Emerald Advisers LLC acquired a new position in shares of SPX Technologies in the 2nd quarter valued at approximately $13,346,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in shares of SPX Technologies in the 2nd quarter valued at approximately $10,708,000. Hedge funds and other institutional investors own 92.82% of the company’s stock.

SPX Technologies Trading Up 1.0 %

NYSE:SPXC opened at $155.31 on Wednesday. SPX Technologies, Inc. has a 1 year low of $77.84 and a 1 year high of $164.91. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 75.76, a PEG ratio of 1.49 and a beta of 1.22. The business has a fifty day moving average of $150.57 and a 200-day moving average of $137.16. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.28.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.17. The business had revenue of $501.30 million during 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 company’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.06 earnings per share. Equities analysts predict that SPX Technologies, Inc. will post 5.54 earnings per share for the current year.

Insider Activity

In other news, insider J Randall Data sold 39,412 shares of the company’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 completion of the sale, the insider now directly owns 52,657 shares of the company’s stock, valued at $7,576,815.73. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

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.