Healthcare of Ontario Pension Plan Trust Fund Has $5.16 Million Position in SPX Technologies, Inc. $SPXC

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its SPX Technologies stake by 378.5% in the first quarter, holding 25,811 shares valued at approximately $5.16 million. Institutional investors and hedge funds collectively own 92.82% of SPXC.
• Analyst sentiment remains positive, with 10 Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $255.30. Truist, Wells Fargo, and Oppenheimer recently raised their targets.
• SPX Technologies exceeded quarterly expectations, reporting $1.69 in earnings per share versus a $1.55 estimate and $566.8 million in revenue, up 17.4% year over year. Analysts expect full-year EPS of $7.98.

Healthcare of Ontario Pension Plan Trust Fund grew its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 378.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,811 shares of the company's stock after acquiring an additional 20,417 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.05% of SPX Technologies worth $5,161,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SPXC. Ares Financial Consulting LLC acquired a new stake in SPX Technologies in the 4th quarter valued at about $37,000. Flagship Harbor Advisors LLC acquired a new position in SPX Technologies during the fourth quarter worth approximately $40,000. Sound Income Strategies LLC acquired a new position in SPX Technologies during the fourth quarter worth approximately $45,000. Hazlett Burt & Watson Inc. raised its stake in SPX Technologies by 56.7% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 235 shares of the company's stock valued at $47,000 after buying an additional 85 shares during the period. Finally, Hantz Financial Services Inc. raised its stake in SPX Technologies by 21.4% in the fourth quarter. Hantz Financial Services Inc. now owns 255 shares of the company's stock valued at $51,000 after buying an additional 45 shares during the period. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPXC has been the subject of several research analyst reports. Truist Financial lifted their target price on SPX Technologies from $261.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Wells Fargo & Company raised their price target on SPX Technologies from $225.00 to $240.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Oppenheimer reaffirmed an "outperform" rating and set a $280.00 price objective (up from $272.00) on shares of SPX Technologies in a research report on Monday, July 20th. Weiss Ratings reiterated a "buy (b-)" rating on shares of SPX Technologies in a report on Wednesday, July 8th. Finally, Wall Street Zen lowered shares of SPX Technologies from a "buy" rating to a "hold" rating in a research report on Sunday, May 10th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $255.30.

SPX Technologies Price Performance

SPX Technologies stock opened at $188.39 on Thursday. The firm has a market cap of $9.43 billion, a PE ratio of 36.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.11 and a quick ratio of 1.39. The stock's fifty day moving average price is $224.50 and its two-hundred day moving average price is $217.64. SPX Technologies, Inc. has a one year low of $177.63 and a one year high of $251.08.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.55 by $0.14. The firm had revenue of $566.80 million during the quarter, compared to the consensus estimate of $557.62 million. SPX Technologies had a return on equity of 16.98% and a net margin of 10.76%.The company's revenue was up 17.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 EPS. As a group, research analysts expect that SPX Technologies, Inc. will post 7.98 EPS for the current fiscal year.

SPX Technologies Company 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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