GSA Capital Partners LLP Acquires New Stake in SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• GSA Capital Partners LLP has acquired a new stake of 6,909 shares in SPX Technologies, valued at approximately $890,000, during the first quarter.
• Several institutional investors have significantly increased their stakes in SPX Technologies, with ownership by institutional investors and hedge funds at 92.82% of the company.
• Wall Street analysts are optimistic about SPX Technologies, with four analysts recommending a "buy" and one giving a "strong buy" rating, while the stock's price target consensus is $195.20.

GSA Capital Partners LLP bought a new position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,909 shares of the company's stock, valued at approximately $890,000.

Several other large investors have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of SPX Technologies by 377.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after acquiring an additional 151 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of SPX Technologies in the 1st quarter valued at about $27,000. Covestor Ltd raised its holdings in shares of SPX Technologies by 313.8% during the 4th quarter. Covestor Ltd now owns 389 shares of the company's stock valued at $57,000 after buying an additional 295 shares in the last quarter. Huntington National Bank raised its holdings in shares of SPX Technologies by 17.6% during the 4th quarter. Huntington National Bank now owns 587 shares of the company's stock valued at $85,000 after buying an additional 88 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in shares of SPX Technologies by 211.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after buying an additional 410 shares in the last quarter. Institutional investors own 92.82% of the company's stock.

Insider Buying and Selling at SPX Technologies

In other news, Director Rick D. Puckett sold 6,823 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total value of $1,043,987.23. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is owned by corporate insiders.

SPX Technologies Stock Up 7.7%

NYSE:SPXC traded up $14.04 during trading hours on Friday, reaching $196.43. 739,717 shares of the company traded hands, compared to its average volume of 249,962. The business's 50-day moving average price is $166.62 and its two-hundred day moving average price is $149.95. The stock has a market capitalization of $9.18 billion, a P/E ratio of 44.14, a P/E/G ratio of 1.72 and a beta of 1.27. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $198.75. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to analysts' expectations of $546.03 million. SPX Technologies had a return on equity of 20.07% and a net margin of 10.27%. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.42 earnings per share. Analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SPXC shares. B. Riley started coverage on SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective on the stock. Oppenheimer raised their price objective on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, UBS Group raised their price objective on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $195.20.

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.