SPX Technologies, Inc. (NYSE:SPXC) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE raised its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 49.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 131,335 shares of the company's stock after buying an additional 43,279 shares during the quarter. Bank of America Corp DE owned about 0.28% of SPX Technologies worth $19,112,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Advisor Group LLC boosted its holdings in shares of SPX Technologies by 1.0% in the 4th quarter. Private Advisor Group LLC now owns 6,921 shares of the company's stock worth $1,007,000 after purchasing an additional 68 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of SPX Technologies by 1.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,342 shares of the company's stock valued at $632,000 after acquiring an additional 68 shares during the last quarter. CIBC Asset Management Inc lifted its stake in shares of SPX Technologies by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 1,383 shares of the company's stock valued at $201,000 after acquiring an additional 73 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of SPX Technologies by 1.3% in the 4th quarter. Bank of Montreal Can now owns 6,316 shares of the company's stock valued at $919,000 after acquiring an additional 78 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of SPX Technologies by 2.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,386 shares of the company's stock valued at $493,000 after acquiring an additional 85 shares during the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SPXC. Oppenheimer raised SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 target price for the company in a research note on Wednesday, February 26th. Sidoti raised SPX Technologies from a "neutral" rating to a "buy" rating in a research report on Wednesday, February 26th. Finally, B. Riley initiated coverage on SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target for the company. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $178.80.

SPX Technologies Stock Performance

Shares of SPXC stock traded up $0.11 during trading hours on Friday, reaching $149.94. 170,215 shares of the company traded hands, compared to its average volume of 278,885. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The company has a market cap of $7.00 billion, a P/E ratio of 40.31, a P/E/G ratio of 1.33 and a beta of 1.21. The firm has a 50-day moving average price of $137.79 and a 200 day moving average price of $146.84.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.22. The company had revenue of $482.60 million for the quarter, compared to analysts' expectations of $481.32 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. SPX Technologies's quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.25 earnings per share. As a group, sell-side analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal 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.