Fifth Third Bancorp Buys 124,453 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Fifth Third Bancorp sharply increased its stake in SPX Technologies, buying 124,453 shares in the first quarter and lifting its holdings to 126,615 shares worth about $25.3 million.
• Institutional ownership remains very high, with hedge funds and other institutions owning 92.82% of SPX Technologies’ stock. Several other funds also added to or initiated positions during the quarter.
• Analysts remain broadly bullish on the stock, with 10 Buy ratings and 1 Hold and a consensus price target of $254.50. SPX Technologies also recently beat quarterly earnings estimates, reporting $1.69 EPS on $566.8 million in revenue.

Fifth Third Bancorp boosted its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 5,756.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,615 shares of the company's stock after acquiring an additional 124,453 shares during the period. Fifth Third Bancorp owned 0.25% of SPX Technologies worth $25,315,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Candriam S.C.A. acquired a new position in shares of SPX Technologies in the 1st quarter valued at about $1,862,000. Summit Securities Group LLC acquired a new stake in SPX Technologies during the first quarter worth approximately $51,000. Kestra Advisory Services LLC increased its holdings in SPX Technologies by 32.2% in the first quarter. Kestra Advisory Services LLC now owns 1,493 shares of the company's stock worth $298,000 after purchasing an additional 364 shares in the last quarter. Granite Investment Partners LLC lifted its stake in SPX Technologies by 12.8% in the first quarter. Granite Investment Partners LLC now owns 1,497 shares of the company's stock valued at $299,000 after buying an additional 170 shares during the period. Finally, Greenwood Capital Associates LLC lifted its stake in SPX Technologies by 21.8% in the first quarter. Greenwood Capital Associates LLC now owns 2,525 shares of the company's stock valued at $505,000 after buying an additional 452 shares during the period. Institutional investors and hedge funds own 92.82% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on SPXC. Weiss Ratings restated a "buy (b-)" rating on shares of SPX Technologies in a report on Wednesday, July 8th. B. Riley Financial reiterated a "buy" rating on shares of SPX Technologies in a research report on Friday, May 1st. BMO Capital Markets initiated coverage on shares of SPX Technologies in a research note on Friday, March 27th. They set an "outperform" rating and a $243.00 target price on the stock. Wolfe Research reaffirmed an "outperform" rating and issued a $266.00 price target on shares of SPX Technologies in a research note on Thursday. Finally, Wells Fargo & Company increased their price objective on shares of SPX Technologies from $225.00 to $240.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $254.50.

SPX Technologies Stock Performance

NYSE SPXC opened at $215.58 on Tuesday. The company has a market cap of $10.79 billion, a P/E ratio of 42.19, a PEG ratio of 1.62 and a beta of 1.27. The company has a fifty day simple moving average of $222.03 and a 200 day simple moving average of $216.97. The company has a current ratio of 2.11, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28. SPX Technologies, Inc. has a 12-month low of $169.18 and a 12-month high of $251.08.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.14. The firm had revenue of $566.80 million for the quarter, compared to the consensus estimate of $557.62 million. SPX Technologies had a net margin of 10.76% and a return on equity of 16.98%. The business's revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.38 earnings per share. SPX Technologies has set its FY 2026 guidance at 7.750-8.150 EPS. Sell-side analysts predict that SPX Technologies, Inc. will post 7.98 earnings per share for the current fiscal year.

SPX Technologies Profile

SPX Technologies NYSE: SPXC is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company's Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.

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