Champlain Investment Partners LLC Acquires New Position in SPX Technologies, Inc. $SPXC

Key Points

• Champlain Investment Partners LLC acquired 409,215 shares of SPX Technologies, valued at approximately $52.7 million, representing about 0.88% of the company's stock.
• Several large investors, including Comerica Bank and Bessemer Group Inc., have significantly increased their positions in SPX Technologies, reflecting growing institutional interest.
• Wall Street analysts are optimistic about SPX Technologies, with multiple firms upgrading their ratings and raising price targets, indicating an average price target of $195.20 for the stock.

Champlain Investment Partners LLC purchased a new position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 409,215 shares of the company's stock, valued at approximately $52,699,000. Champlain Investment Partners LLC owned approximately 0.88% of SPX Technologies as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Comerica Bank grew its stake in SPX Technologies by 9.8% in the first quarter. Comerica Bank now owns 94,739 shares of the company's stock worth $12,200,000 after purchasing an additional 8,472 shares in the last quarter. Jump Financial LLC acquired a new position in SPX Technologies in the first quarter worth about $3,244,000. SVB Wealth LLC acquired a new position in SPX Technologies in the first quarter worth about $39,000. AlphaQuest LLC acquired a new position in SPX Technologies in the first quarter worth about $706,000. Finally, Advantage Alpha Capital Partners LP acquired a new position in SPX Technologies in the first quarter worth about $3,708,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

SPX Technologies Stock Down 1.3%

Shares of SPX Technologies stock traded down $2.36 on Tuesday, hitting $184.76. 51,558 shares of the company traded hands, compared to its average volume of 321,017. The company has a 50-day moving average price of $182.03 and a 200 day moving average price of $156.25. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $209.38. The company has a market cap of $8.64 billion, a PE ratio of 41.52, a PEG ratio of 1.59 and a beta of 1.32.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. The firm had revenue of $552.40 million during the quarter, compared to analysts' expectations of $546.03 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. SPX Technologies's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. Sell-side analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SPXC. Oppenheimer lifted their price target on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. UBS Group lifted their price objective on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, B. Riley assumed coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $195.20.

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.