Citigroup Inc. Boosts Stock Position in SPX Technologies, Inc. $SPXC

Key Points

• Citigroup Inc. increased its stake in SPX Technologies by 7.4% in Q1, now owning approximately 70,520 shares valued at $9.08 million.
• Several hedge funds significantly boosted their holdings in SPX Technologies, with Van Berkom & Associates increasing their position by 3,195.9% during the first quarter.
• SPX Technologies has received multiple upgrades from analysts, with UBS Group raising their price target from $182 to $210 and a consensus rating of "Buy" among research analysts.

Citigroup Inc. boosted its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,520 shares of the company's stock after buying an additional 4,852 shares during the period. Citigroup Inc. owned 0.15% of SPX Technologies worth $9,082,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in SPXC. Bank of Montreal Can increased its position in SPX Technologies by 1.3% during the fourth quarter. Bank of Montreal Can now owns 6,316 shares of the company's stock worth $919,000 after buying an additional 78 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of SPX Technologies by 2.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,605 shares of the company's stock valued at $670,000 after purchasing an additional 129 shares during the period. Barclays PLC increased its holdings in shares of SPX Technologies by 2.1% in the fourth quarter. Barclays PLC now owns 86,378 shares of the company's stock valued at $12,569,000 after purchasing an additional 1,811 shares during the period. XTX Topco Ltd increased its holdings in shares of SPX Technologies by 77.7% in the fourth quarter. XTX Topco Ltd now owns 2,376 shares of the company's stock valued at $346,000 after purchasing an additional 1,039 shares during the period. Finally, Evergreen Capital Management LLC increased its holdings in shares of SPX Technologies by 4.4% in the fourth quarter. Evergreen Capital Management LLC now owns 3,746 shares of the company's stock valued at $545,000 after purchasing an additional 159 shares during the period. Institutional investors and hedge funds own 92.82% of the company's stock.

Analysts Set New Price Targets

SPXC has been the topic of a number of recent research reports. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Oppenheimer upped their price objective on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. UBS Group upped their price objective on SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, B. Riley started coverage on SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $195.20.

Insiders Place Their Bets

In other 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 in the company, 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 the SEC website. Company insiders own 3.32% of the company's stock.

SPX Technologies Price Performance

SPX Technologies stock traded down $2.52 during trading hours on Wednesday, hitting $185.48. The stock had a trading volume of 169,623 shares, compared to its average volume of 323,691. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.28. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of 41.68, a PEG ratio of 1.60 and a beta of 1.27. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $209.38. The stock's fifty day moving average is $176.17 and its two-hundred day moving average is $153.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.20. The company had revenue of $552.40 million for the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.SPX Technologies's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.42 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share 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.