Algert Global LLC Makes New $1.15 Million Investment in SPX Technologies, Inc. (NYSE:SPXC)

Algert Global LLC purchased a new position in shares of SPX Technologies, Inc. (NYSE:SPXC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,070 shares of the company’s stock, valued at approximately $1,147,000.

Other large investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in SPX Technologies by 160.6% during the first quarter. Nordea Investment Management AB now owns 382,490 shares of the company’s stock worth $47,069,000 after purchasing an additional 235,720 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of SPX Technologies in the first quarter valued at $1,522,000. American Century Companies Inc. raised its stake in shares of SPX Technologies by 195.2% in the second quarter. American Century Companies Inc. now owns 14,492 shares of the company’s stock valued at $2,060,000 after acquiring an additional 9,582 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of SPX Technologies by 15.7% in the second quarter. Victory Capital Management Inc. now owns 73,768 shares of the company’s stock valued at $10,485,000 after acquiring an additional 10,010 shares in the last quarter. Finally, Capital World Investors raised its stake in shares of SPX Technologies by 31.7% in the first quarter. Capital World Investors now owns 379,569 shares of the company’s stock valued at $46,736,000 after acquiring an additional 91,266 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

SPX Technologies Stock Up 2.3 %

Shares of NYSE SPXC opened at $162.32 on Friday. The stock has a market cap of $7.50 billion, a P/E ratio of 79.18, a PEG ratio of 1.60 and a beta of 1.22. The company has a current ratio of 1.28, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. SPX Technologies, Inc. has a 12-month low of $77.84 and a 12-month high of $165.13. The business’s fifty day simple moving average is $152.84 and its 200-day simple moving average is $140.86.

SPX Technologies (NYSE:SPXC) last posted its earnings results on Thursday, August 1st. The company reported $1.42 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%. SPX Technologies’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.06 earnings per share. As a group, equities analysts predict that SPX Technologies, Inc. will post 5.54 EPS for the current fiscal year.

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.