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SPX Technologies, Inc. (NYSE:SPXC) Shares Acquired by Charles Schwab Investment Management Inc.

SPX Technologies logo with Business Services background

Key Points

  • Charles Schwab Investment Management Inc. increased its stake in SPX Technologies by 1.7%, owning approximately 1.36% of the company, which is valued at around $81.89 million.
  • Multiple institutional investors have also raised their stakes in SPX Technologies, contributing to a total of 92.82% of the company's stock being owned by these entities.
  • SPX Technologies reported a quarterly earnings beat, with earnings per share of $1.65, surpassing estimates, and year-over-year revenue growth of 10.2%.
  • Want stock alerts on SPX Technologies? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Charles Schwab Investment Management Inc. raised its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 635,862 shares of the company's stock after buying an additional 10,501 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.36% of SPX Technologies worth $81,886,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. purchased a new position in shares of SPX Technologies in the 1st quarter worth approximately $27,000. Eastern Bank purchased a new position in shares of SPX Technologies in the 1st quarter worth approximately $38,000. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of SPX Technologies by 211.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after purchasing an additional 410 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of SPX Technologies by 18.5% in the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock worth $83,000 after purchasing an additional 98 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of SPX Technologies by 28.2% in the 1st quarter. Signaturefd LLC now owns 805 shares of the company's stock worth $104,000 after purchasing an additional 177 shares during the period. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

Shares of SPXC stock traded down $0.40 on Friday, hitting $186.16. The company had a trading volume of 1,037,470 shares, compared to its average volume of 518,691. The firm has a market cap of $8.70 billion, a P/E ratio of 41.83, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27. The company has a 50-day moving average price of $175.11 and a 200-day moving average price of $153.21. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to analysts' expectations of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%. The company's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 EPS. As a group, equities research analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPXC has been the subject of a number of research analyst reports. B. Riley initiated coverage on SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 price target for the company. Oppenheimer raised their price target on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, UBS Group raised their price target on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $195.20.

Read Our Latest Analysis on SPX Technologies

Insider Activity at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the stock in a transaction that occurred on 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. This represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.32% of the stock is owned by insiders.

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.

Further Reading

Institutional Ownership by Quarter for SPX Technologies (NYSE:SPXC)

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