Harvest Fund Management Co. Ltd Sells 2,042 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Harvest Fund Management Co. Ltd reduced its position in SPX Technologies by 77.6% during the first quarter, selling 2,042 shares, which left them with 588 shares valued at $76,000.
• Other institutional investors made significant moves, with Van Berkom & Associates Inc. increasing their stake by 3,195.9%, now owning 368,024 shares worth approximately $47.4 million.
• Analysts have positive outlooks on SPX Technologies, with several firms raising target prices; Oppenheimer increased theirs from $170 to $197, while the stock holds an average rating of "Buy."

Harvest Fund Management Co. Ltd decreased its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 77.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 588 shares of the company's stock after selling 2,042 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in SPX Technologies were worth $76,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SPXC. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in SPX Technologies by 377.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after buying an additional 151 shares during the last quarter. NBC Securities Inc. purchased a new stake in SPX Technologies in the 1st quarter valued at about $27,000. Covestor Ltd increased its stake in SPX Technologies by 313.8% in the 4th quarter. Covestor Ltd now owns 389 shares of the company's stock valued at $57,000 after buying an additional 295 shares during the last quarter. Huntington National Bank increased its stake in SPX Technologies by 17.6% in the 4th quarter. Huntington National Bank now owns 587 shares of the company's stock valued at $85,000 after buying an additional 88 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in SPX Technologies by 211.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after buying an additional 410 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

SPX Technologies stock traded up $14.04 during mid-day trading on Friday, reaching $196.43. The company's stock had a trading volume of 739,717 shares, compared to its average volume of 249,962. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $198.75. The company has a market capitalization of $9.18 billion, a P/E ratio of 44.14, a PEG ratio of 1.60 and a beta of 1.27. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24 and a current ratio of 1.88. The firm's fifty day moving average price is $166.62 and its two-hundred day moving average price is $149.95.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 20.07%. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. During the same period in the previous year, the business earned $1.42 EPS. SPX Technologies's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts predict that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were 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 of the company's stock, valued at $5,167,147.70. This trade represents a 16.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.32% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on SPXC. B. Riley began coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 price target for the company. UBS Group raised their price target on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Oppenheimer raised their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $195.20.

About SPX Technologies

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.