Envestnet Asset Management Inc. Lowers Stock Position in SPX Technologies, Inc. (NYSE:SPXC)

Envestnet Asset Management Inc. cut its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 4.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,334 shares of the company's stock after selling 5,531 shares during the period. Envestnet Asset Management Inc. owned 0.27% of SPX Technologies worth $16,398,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SPXC. Comerica Bank grew 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 buying an additional 17,472 shares in 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 worth $1,620,000 after buying an additional 4,229 shares in the last quarter. 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 worth $870,000 after buying an additional 6,346 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of SPX Technologies during the 4th quarter worth $279,000. Finally, Farther Finance Advisors LLC lifted its stake 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 worth $83,000 after purchasing an additional 98 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SPXC shares. B. Riley started coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target for the company. Oppenheimer increased their price target on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, UBS Group raised 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. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, SPX Technologies has an average rating of "Buy" and an average price target of $189.60.

Insider Activity

In related news, Director Rick D. Puckett sold 6,823 shares of the business's 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 sale, the director owned 33,770 shares of the company's stock, valued at $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.32% of the company's stock.

SPX Technologies Stock Up 2.9%

Shares of NYSE SPXC opened at $180.26 on Friday. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 42.02, a price-to-earnings-growth ratio of 1.54 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 business has a 50-day moving average of $160.79 and a two-hundred day moving average of $147.24. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $183.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.16 by $0.22. The firm had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. SPX Technologies had a return on equity of 19.67% and a net margin of 10.13%. The firm's revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. On average, analysts forecast 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.

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