Bayforest Capital Ltd Acquires 1,640 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Bayforest Capital Ltd significantly increased its stake in SPX Technologies, Inc. by 241.2% during the first quarter, owning 2,320 shares valued at approximately $299,000.
• Several other hedge funds have also raised their stakes in SPX Technologies, with a total of 92.82% of the stock currently owned by institutional investors.
• SPX Technologies reported earnings of $1.65 per share in its latest quarter, exceeding estimates, with an annual revenue increase of 10.2%.

Bayforest Capital Ltd raised its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 241.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,320 shares of the company's stock after buying an additional 1,640 shares during the quarter. Bayforest Capital Ltd's holdings in SPX Technologies were worth $299,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SPXC. NBC Securities Inc. acquired a new stake in shares of SPX Technologies in the first quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of SPX Technologies by 377.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after purchasing an additional 151 shares during the last quarter. Eastern Bank acquired a new position in SPX Technologies during the first quarter worth $38,000. Covestor Ltd increased its holdings in SPX Technologies by 313.8% during the fourth quarter. Covestor Ltd now owns 389 shares of the company's stock worth $57,000 after buying an additional 295 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in SPX Technologies by 211.3% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after buying an additional 410 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

Insider Activity

In related news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction dated 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 owned 33,770 shares of the company's stock, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.32% of the stock is currently owned by corporate insiders.

SPX Technologies Trading Up 7.7%

Shares of SPX Technologies stock traded up $14.04 on Friday, hitting $196.43. The stock had a trading volume of 739,717 shares, compared to its average volume of 249,962. The stock has a 50 day moving average of $166.62 and a 200 day moving average of $149.95. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve 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 firm has a market capitalization of $9.18 billion, a P/E ratio of 44.14, a PEG 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 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 for 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 company's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.42 EPS. Sell-side analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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