Y Intercept Hong Kong Ltd Makes New Investment in SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Y Intercept Hong Kong Ltd acquired 2,708 shares of SPX Technologies during the first quarter, valued at approximately $349,000. This acquisition indicates growing institutional interest in the company.
• SPX Technologies received several positive ratings from analysts, with Oppenheimer raising its price target from $170.00 to $197.00 and a consensus rating of "Buy" with an average price target of $189.60.
• SPX Technologies reported earnings of $1.38 per share for the last quarter, exceeding expectations, and has a projected 5.57 EPS for the current fiscal year, indicating solid revenue growth.

Y Intercept Hong Kong Ltd bought a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,708 shares of the company's stock, valued at approximately $349,000.

Several other institutional investors have also recently made changes to their positions in SPXC. Invesco Ltd. grew its stake in SPX Technologies by 3.4% in the 4th quarter. Invesco Ltd. now owns 1,150,781 shares of the company's stock valued at $167,462,000 after acquiring an additional 37,468 shares during the period. Conestoga Capital Advisors LLC grew its stake in SPX Technologies by 1.4% in the 1st quarter. Conestoga Capital Advisors LLC now owns 799,195 shares of the company's stock valued at $102,920,000 after acquiring an additional 11,400 shares during the period. Janus Henderson Group PLC grew its stake in SPX Technologies by 3.9% in the 4th quarter. Janus Henderson Group PLC now owns 723,708 shares of the company's stock valued at $105,321,000 after acquiring an additional 26,995 shares during the period. FMR LLC grew its stake in SPX Technologies by 8.5% in the 4th quarter. FMR LLC now owns 718,298 shares of the company's stock valued at $104,527,000 after acquiring an additional 56,175 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in SPX Technologies by 1.7% in the 4th quarter. Nuveen Asset Management LLC now owns 705,843 shares of the company's stock valued at $102,714,000 after acquiring an additional 11,771 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPXC has been the topic of several recent research reports. Oppenheimer lifted their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. B. Riley initiated coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 target price on the stock. Finally, UBS Group lifted their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $195.20.

Insider Activity at SPX Technologies

In other news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the transaction, the director owned 33,770 shares in the company, valued at $5,167,147.70. The trade was a 16.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.32% of the stock is currently owned by corporate insiders.

SPX Technologies Trading Up 7.7%

Shares of NYSE SPXC traded up $14.04 during trading on Friday, hitting $196.43. 739,717 shares of the company were exchanged, compared to its average volume of 249,962. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $198.75. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24 and a current ratio of 1.88. The company has a fifty day moving average price of $166.62 and a 200-day moving average price of $149.95. The firm has a market capitalization of $9.18 billion, a PE ratio of 44.14, a P/E/G ratio of 1.60 and a beta of 1.27.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.45 by $0.20. SPX Technologies had a return on equity of 20.07% and a net margin of 10.27%. The business had revenue of $552.40 million for the quarter, compared to analyst estimates of $546.03 million. During the same quarter in the previous year, the firm earned $1.42 EPS. The company's quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts expect that SPX Technologies, Inc. will post 5.57 EPS 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.