Bessemer Group Inc. raised its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1,544.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,757 shares of the company's stock after purchasing an additional 6,346 shares during the period. Bessemer Group Inc.'s holdings in SPX Technologies were worth $870,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. Norges Bank bought a new stake in SPX Technologies during the 4th quarter worth approximately $93,038,000. Raymond James Financial Inc. purchased a new stake in SPX Technologies in the 4th quarter valued at $32,337,000. First Trust Advisors LP raised its position in SPX Technologies by 54.5% in the 4th quarter. First Trust Advisors LP now owns 553,320 shares of the company's stock valued at $80,519,000 after buying an additional 195,153 shares during the last quarter. Franklin Resources Inc. boosted its holdings in SPX Technologies by 1,260.7% during the 4th quarter. Franklin Resources Inc. now owns 170,512 shares of the company's stock worth $24,813,000 after acquiring an additional 157,981 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in SPX Technologies by 25,946.4% during the 1st quarter. GAMMA Investing LLC now owns 138,567 shares of the company's stock worth $17,845,000 after acquiring an additional 138,035 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.
Insider Buying and Selling
In related 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 sale, the director directly owned 33,770 shares of the company's stock, valued at $5,167,147.70. This represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.32% of the stock is owned by company insiders.
SPX Technologies Trading Up 0.3%
SPX Technologies stock traded up $0.48 during trading hours on Friday, reaching $173.03. The company had a trading volume of 126,114 shares, compared to its average volume of 274,575. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.88 and a quick ratio of 1.24. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83. The company has a 50-day moving average price of $154.38 and a 200 day moving average price of $145.37. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 40.33, a P/E/G ratio of 1.52 and a beta of 1.24.
SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.16 by $0.22. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. The firm had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. During the same period in the prior year, the firm posted $1.25 earnings per share. The company's quarterly revenue was up 3.7% compared to the same quarter last year. Equities analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on SPXC. B. Riley began coverage on SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 target price on the stock. UBS Group raised shares of SPX Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the company from $160.00 to $182.00 in a report on Monday, June 2nd. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $183.20.
Check Out Our Latest Analysis on SPX Technologies
About SPX Technologies
(
Free Report)
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.
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