Cerity Partners LLC Lowers Stake in SPX Technologies, Inc. (NYSE:SPXC)

Cerity Partners LLC cut its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,319 shares of the company's stock after selling 3,620 shares during the quarter. Cerity Partners LLC owned approximately 0.13% of SPX Technologies worth $8,025,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Comerica Bank raised its stake in SPX Technologies by 25.4% during the 4th quarter. Comerica Bank now owns 86,267 shares of the company's stock valued at $12,554,000 after buying an additional 17,472 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of SPX Technologies by 61.4% during the 4th quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock valued at $1,620,000 after acquiring an additional 4,229 shares during the period. Bessemer Group Inc. grew its position in shares of SPX Technologies by 1,544.0% during the 1st quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock valued at $870,000 after acquiring an additional 6,346 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of SPX Technologies during the 4th quarter valued at $279,000. Finally, Farther Finance Advisors LLC grew its position in shares of SPX Technologies by 18.5% during the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after acquiring an additional 98 shares during the period. 92.82% of the stock is owned by institutional investors.

Insider Buying and Selling at SPX Technologies

In related news, Director Rick D. Puckett sold 6,823 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were 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 approximately $5,167,147.70. This trade represents a 16.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.32% of the company's stock.

Analyst Upgrades and Downgrades

SPXC has been the subject of several research reports. UBS Group raised shares of SPX Technologies from a "neutral" rating to a "buy" rating and increased their price objective for the company from $160.00 to $182.00 in a report on Monday, June 2nd. Oppenheimer increased their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, B. Riley began coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 target price on the stock. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $189.60.

SPX Technologies Price Performance

NYSE SPXC traded down $2.33 during trading hours on Friday, hitting $177.79. 389,640 shares of the company's stock traded hands, compared to its average volume of 272,738. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $183.83. The company has a market capitalization of $8.30 billion, a PE ratio of 41.44, a PEG ratio of 1.58 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 firm's 50-day moving average is $161.37 and its 200-day moving average is $147.47.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share 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 business had revenue of $482.60 million during the quarter, compared to analysts' expectations of $481.32 million. During the same quarter in the prior year, the company posted $1.25 EPS. The business's revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

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.