Bessemer Group Inc. Raises Position in SPX Technologies, Inc. (NYSE:SPXC)

Bessemer Group Inc. increased its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1,544.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,757 shares of the company's stock after buying an additional 6,346 shares during the quarter. Bessemer Group Inc.'s holdings in SPX Technologies were worth $870,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. boosted its position in SPX Technologies by 1.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,342 shares of the company's stock worth $632,000 after purchasing an additional 68 shares during the last quarter. Bank of Montreal Can raised its stake in shares of SPX Technologies by 1.3% during the 4th quarter. Bank of Montreal Can now owns 6,316 shares of the company's stock worth $919,000 after purchasing an additional 78 shares during the period. Park Avenue Securities LLC boosted its holdings in shares of SPX Technologies by 1.9% in the 1st quarter. Park Avenue Securities LLC now owns 4,497 shares of the company's stock worth $579,000 after buying an additional 83 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in SPX Technologies by 2.6% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,386 shares of the company's stock valued at $493,000 after buying an additional 85 shares during the period. Finally, Signaturefd LLC increased its holdings in SPX Technologies by 15.9% during the fourth quarter. Signaturefd LLC now owns 628 shares of the company's stock worth $91,000 after buying an additional 86 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

NYSE:SPXC traded up $3.74 on Wednesday, reaching $172.69. 354,223 shares of the company's stock were exchanged, compared to its average volume of 274,398. The firm has a market cap of $8.07 billion, a price-to-earnings ratio of 40.25, a P/E/G ratio of 1.49 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.88 and a quick ratio of 1.24. The stock has a fifty day simple moving average of $152.72 and a 200-day simple moving average of $145.07. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $183.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $1.38 EPS for the quarter, topping 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 company had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. During the same period last year, the firm earned $1.25 EPS. SPX Technologies's revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Insider Buying and Selling

In other SPX Technologies 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 transaction of $1,043,987.23. Following the completion of the transaction, the director owned 33,770 shares of the company's stock, valued at $5,167,147.70. The trade was a 16.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SPXC shares. B. Riley began coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price on the stock. UBS Group upgraded 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 research note on Monday, June 2nd. Four investment 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.com, SPX Technologies presently has a consensus rating of "Buy" and an average price target of $183.20.

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.