California State Teachers Retirement System Buys 13,840,939 Shares of SPX Technologies, Inc. $SPXC

Key Points

• California State Teachers Retirement System dramatically increased its SPX Technologies stake by purchasing 13,840,939 shares in the second quarter, bringing its holdings to 13,899,178 shares, or 27.75% of the company.
• Analyst sentiment remains positive: SPX Technologies has an average “Buy” rating and a consensus price target of $266.67, with recent target increases from Oppenheimer, B. Riley Financial, and Truist Financial.
• SPX Technologies beat quarterly expectations, reporting $2.02 EPS versus the $1.85 estimate and $679 million in revenue, up 22.9% year over year. Shares opened at $186.80, below their 50-day and 200-day moving averages.

California State Teachers Retirement System increased its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 23,765.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,899,178 shares of the company's stock after buying an additional 13,840,939 shares during the quarter. California State Teachers Retirement System owned 27.75% of SPX Technologies worth $3,407,661,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPXC. Group One Trading LLC bought a new stake in shares of SPX Technologies in the 2nd quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of SPX Technologies during the second quarter valued at approximately $47,000. Hazlett Burt & Watson Inc. raised its stake in shares of SPX Technologies by 56.7% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 235 shares of the company's stock valued at $47,000 after purchasing an additional 85 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of SPX Technologies in the first quarter valued at $51,000. Finally, Hantz Financial Services Inc. lifted its position in SPX Technologies by 21.4% in the fourth quarter. Hantz Financial Services Inc. now owns 255 shares of the company's stock worth $51,000 after purchasing an additional 45 shares during the period. 92.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SPXC has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Zacks Research upgraded shares of SPX Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Oppenheimer reaffirmed an "outperform" rating and set a $280.00 price objective (up from $272.00) on shares of SPX Technologies in a report on Monday, July 20th. B. Riley Financial lifted their target price on shares of SPX Technologies from $280.00 to $285.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Truist Financial reissued a "buy" rating and issued a $301.00 target price (up from $295.00) on shares of SPX Technologies in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, SPX Technologies currently has an average rating of "Buy" and an average target price of $266.67.

SPX Technologies Price Performance

Shares of SPXC stock opened at $186.80 on Friday. The stock's fifty day simple moving average is $209.70 and its 200 day simple moving average is $214.25. SPX Technologies, Inc. has a one year low of $179.62 and a one year high of $251.08. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 33.60, a P/E/G ratio of 1.26 and a beta of 1.27. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.82 and a quick ratio of 1.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $2.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.85 by $0.17. The company had revenue of $679.00 million during the quarter, compared to analysts' expectations of $640.18 million. SPX Technologies had a return on equity of 16.53% and a net margin of 11.27%.The business's revenue was up 22.9% on a year-over-year basis. During the same period last year, the business earned $1.65 earnings per share. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. On average, analysts expect that SPX Technologies, Inc. will post 8.47 earnings per share for the current fiscal year.

SPX Technologies Profile

SPX Technologies, Inc is a Charlotte, North Carolina-based industrial technology company that provides equipment and services used in heating, ventilation, air conditioning, cooling, and infrastructure applications. The company serves customers in commercial, industrial, utility, and residential markets through operations in North America and internationally.

SPX Technologies operates through two principal segments: HVAC and Detection & Measurement. Its HVAC businesses develop and manufacture cooling towers, evaporative cooling systems, air-conditioning and heating equipment, boilers, and related products.

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