Envestnet Asset Management Inc. Trims Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Envestnet Asset Management Inc. cut its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 4.2% in the 1st quarter, according to its most recent Form 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 quarter. Envestnet Asset Management Inc. owned about 0.27% of SPX Technologies worth $16,398,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SPXC. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in SPX Technologies by 377.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock worth $29,000 after purchasing an additional 151 shares during the period. NBC Securities Inc. bought a new position in SPX Technologies during the first quarter worth $27,000. Covestor Ltd boosted its position in SPX Technologies by 313.8% during the fourth quarter. Covestor Ltd now owns 389 shares of the company's stock worth $57,000 after purchasing an additional 295 shares during the period. Huntington National Bank boosted its position in shares of SPX Technologies by 17.6% in the fourth quarter. Huntington National Bank now owns 587 shares of the company's stock valued at $85,000 after acquiring an additional 88 shares during the period. Finally, Signaturefd LLC boosted its position in shares of SPX Technologies by 15.9% in the fourth quarter. Signaturefd LLC now owns 628 shares of the company's stock valued at $91,000 after acquiring an additional 86 shares during the period. 92.82% of the stock is owned by institutional investors.

SPX Technologies Stock Down 1.8%

NYSE SPXC traded down $3.13 on Monday, reaching $174.72. The company had a trading volume of 167,536 shares, compared to its average volume of 271,837. The stock has a market capitalization of $8.16 billion, a P/E ratio of 40.73, a P/E/G ratio of 1.56 and a beta of 1.24. The company's fifty day moving average is $161.37 and its 200 day moving average is $147.49. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $183.83. The company has a quick ratio of 1.24, a current ratio of 1.88 and a debt-to-equity ratio of 0.60.

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, topping the consensus estimate of $1.16 by $0.22. The company 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 quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 EPS. Sell-side analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity

In other 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 transaction of $1,043,987.23. Following the completion of the sale, the director owned 33,770 shares in the company, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.32% of the company's stock.

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.