4,607 Shares in SPX Technologies, Inc. (NYSE:SPXC) Acquired by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP has acquired 4,607 shares of SPX Technologies, Inc., amounting to approximately $593,000 during the first quarter.
• Several institutional investors have increased their stakes in SPX Technologies, with notable increases from Comerica Bank and Bessemer Group Inc., enhancing the institutional ownership to 92.82%.
• Analysts have been optimistic about SPX Technologies, with ratings upgrades resulting in a consensus price target of $195.20 and a majority labeling the stock as a "buy."

Aigen Investment Management LP bought a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,607 shares of the company's stock, valued at approximately $593,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPXC. Entropy Technologies LP acquired a new position in SPX Technologies during the first quarter valued at approximately $685,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of SPX Technologies during the first quarter worth $761,000. Cynosure Group LLC grew its stake in shares of SPX Technologies by 28.1% in the first quarter. Cynosure Group LLC now owns 2,463 shares of the company's stock valued at $317,000 after acquiring an additional 540 shares in the last quarter. Citigroup Inc. grew its stake in SPX Technologies by 7.4% during the first quarter. Citigroup Inc. now owns 70,520 shares of the company's stock worth $9,082,000 after buying an additional 4,852 shares in the last quarter. Finally, AlphaCore Capital LLC grew its stake in SPX Technologies by 3.4% during the first quarter. AlphaCore Capital LLC now owns 2,068 shares of the company's stock worth $266,000 after buying an additional 68 shares in the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the company'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 sale, the director directly owned 33,770 shares in the company, valued at $5,167,147.70. This represents a 16.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.32% of the company's stock.

SPX Technologies Trading Down 2.7%

Shares of SPXC traded down $5.16 during mid-day trading on Thursday, reaching $186.72. 1,417,570 shares of the company's stock traded hands, compared to its average volume of 317,467. The stock's 50-day moving average is $174.54 and its two-hundred day moving average is $152.93. The stock has a market cap of $8.73 billion, a P/E ratio of 41.96, a P/E/G ratio of 1.63 and a beta of 1.27. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. The company 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 19.59% and a net margin of 10.27%. The firm's revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business posted $1.42 earnings per share. Research analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SPXC has been the subject of a number of research reports. Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. B. Riley initiated coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They issued a "buy" rating and a $195.00 price objective for the company. Oppenheimer upped their price objective on shares of 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 boosted their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target 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.