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Entropy Technologies LP Buys Shares of 5,316 SPX Technologies, Inc. (NYSE:SPXC)

SPX Technologies logo with Business Services background

Key Points

  • Entropy Technologies LP has made a new investment in SPX Technologies by purchasing 5,316 shares valued at approximately $685,000 in the first quarter.
  • Analysts have revised SPX Technologies' ratings, with Wall Street Zen upgrading the stock from "hold" to "buy" and several firms increasing their price targets, including Oppenheimer raising theirs to $197.00.
  • SPX Technologies recently reported a quarterly earnings per share of $1.65, surpassing estimates, and showed a 10.2% increase in revenue compared to the same period last year.
  • Looking to export and analyze SPX Technologies data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Entropy Technologies LP bought a new position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,316 shares of the company's stock, valued at approximately $685,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Comerica Bank raised its position in shares of SPX Technologies by 25.4% during the 4th quarter. Comerica Bank now owns 86,267 shares of the company's stock worth $12,554,000 after purchasing an additional 17,472 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in SPX Technologies during the 1st quarter valued at $890,000. Pacer Advisors Inc. increased its position in SPX Technologies by 80.1% during the first quarter. Pacer Advisors Inc. now owns 1,951 shares of the company's stock worth $251,000 after buying an additional 868 shares in the last quarter. Hsbc Holdings PLC increased its position in SPX Technologies by 61.4% during the fourth quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock worth $1,620,000 after buying an additional 4,229 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of SPX Technologies by 1,544.0% in the first quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock worth $870,000 after acquiring an additional 6,346 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

Analysts Set New Price Targets

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

View Our Latest Research Report on SPX Technologies

Insiders Place Their Bets

In related 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 value of $1,043,987.23. Following the completion of the transaction, the director directly owned 33,770 shares in the company, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.32% of the stock is currently owned by corporate insiders.

SPX Technologies Stock Down 0.2%

SPX Technologies stock traded down $0.40 during midday trading on Friday, hitting $186.16. 1,037,470 shares of the stock were exchanged, compared to its average volume of 322,111. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $209.38. 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 firm has a market cap of $8.70 billion, a P/E ratio of 41.83, a P/E/G ratio of 1.63 and a beta of 1.27. The company has a 50 day moving average price of $175.11 and a two-hundred day moving average price of $153.21.

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

SPX Technologies Company Profile

(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.

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

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