GAMMA Investing LLC Raises Stock Position in SPX Technologies, Inc. (NYSE:SPXC)

GAMMA Investing LLC raised its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 25,946.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,567 shares of the company's stock after acquiring an additional 138,035 shares during the quarter. GAMMA Investing LLC owned approximately 0.30% of SPX Technologies worth $17,845,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Park Square Financial Group LLC bought a new position in shares of SPX Technologies in the 4th quarter worth $318,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in SPX Technologies in the fourth quarter valued at about $5,209,000. Armis Advisers LLC bought a new position in SPX Technologies in the fourth quarter worth about $319,000. Palisades Investment Partners LLC raised its holdings in SPX Technologies by 9.9% in the fourth quarter. Palisades Investment Partners LLC now owns 112,097 shares of the company's stock worth $16,312,000 after purchasing an additional 10,109 shares in the last quarter. Finally, Twinbeech Capital LP purchased a new stake in shares of SPX Technologies during the fourth quarter valued at about $1,931,000. Institutional investors own 92.82% of the company's stock.

Insider Buying and Selling

In related news, Director Rick D. Puckett sold 6,823 shares of the company'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 value of $1,043,987.23. Following the sale, the director now owns 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.32% of the stock is currently owned by company insiders.

SPX Technologies Stock Performance

Shares of SPX Technologies stock traded up $2.36 during midday trading on Monday, hitting $160.06. The company had a trading volume of 272,387 shares, compared to its average volume of 278,647. The company has a fifty day simple moving average of $141.74 and a 200 day simple moving average of $145.98. The stock has a market cap of $7.48 billion, a price-to-earnings ratio of 43.03, a PEG ratio of 1.33 and a beta of 1.23. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.16 by $0.22. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The business had revenue of $482.60 million for the quarter, compared to analyst estimates of $481.32 million. During the same quarter in the prior year, the business posted $1.25 EPS. SPX Technologies's revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SPXC shares. Sidoti raised shares of SPX Technologies from a "neutral" rating to a "buy" rating in a research report on Wednesday, February 26th. Oppenheimer upgraded shares of SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 target price for the company in a research note on Wednesday, February 26th. B. Riley began coverage on SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target on the stock. Finally, UBS Group upgraded 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 given a strong buy rating to the stock. According to MarketBeat, SPX Technologies currently has a consensus rating of "Buy" and an average price target of $183.20.

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.