Ameriprise Financial Inc. Cuts Position in SPX Technologies, Inc. (NYSE:SPXC)

Ameriprise Financial Inc. reduced its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 11.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 940,724 shares of the company's stock after selling 119,086 shares during the period. Ameriprise Financial Inc. owned 2.03% of SPX Technologies worth $136,894,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP grew its position in SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company's stock worth $25,000 after acquiring an additional 90 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of SPX Technologies in the 4th quarter worth approximately $27,000. Skandinaviska Enskilda Banken AB publ increased its position in shares of SPX Technologies by 2,055.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company's stock valued at $28,000 after purchasing an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of SPX Technologies by 377.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after purchasing an additional 151 shares during the last quarter. Finally, Spire Wealth Management purchased a new stake in SPX Technologies during the 4th quarter valued at $57,000. 92.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on SPXC shares. Oppenheimer upgraded shares of SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price objective on the stock in a research report on Wednesday, February 26th. Sidoti raised shares of SPX Technologies from a "neutral" rating to a "buy" rating in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $174.75.

SPX Technologies Trading Down 0.3 %

Shares of SPXC traded down $0.51 during trading hours on Friday, reaching $148.85. 198,734 shares of the company traded hands, compared to its average volume of 277,717. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of 40.01, a PEG ratio of 1.33 and a beta of 1.21. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83. The stock's fifty day moving average price is $134.04 and its 200 day moving average price is $147.03. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.22. The business had revenue of $482.60 million for the quarter, compared to the consensus estimate of $481.32 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The company's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 EPS. Sell-side analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

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.