SPX Technologies, Inc. (NYSE:SPXC) Stock Position Decreased by Knights of Columbus Asset Advisors LLC

Key Points

• Knights of Columbus Asset Advisors LLC reduced its stake in SPX Technologies by 27%, now holding 14,076 shares worth approximately $1.81 million after selling 5,203 shares in the first quarter.
• SPX Technologies reported earnings of $1.38 per share for the last quarter, exceeding analysts' expectations of $1.16, with a 3.7% year-over-year revenue increase to $482.60 million.
• Several analysts have upgraded SPX Technologies, with Oppenheimer raising their price target from $170 to $197 and maintaining an "outperform" rating.

Knights of Columbus Asset Advisors LLC lessened its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 27.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,076 shares of the company's stock after selling 5,203 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in SPX Technologies were worth $1,813,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. NBC Securities Inc. bought a new stake in SPX Technologies during the 1st quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in SPX Technologies by 377.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock worth $29,000 after acquiring an additional 151 shares in the last quarter. Covestor Ltd lifted its stake in SPX Technologies by 313.8% in 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 last quarter. Farther Finance Advisors LLC raised its stake in SPX Technologies by 18.5% in the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock worth $83,000 after buying an additional 98 shares in the last quarter. Finally, Huntington National Bank grew its holdings in shares of SPX Technologies by 17.6% during the fourth 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. Institutional investors and hedge funds own 92.82% of the company's stock.

SPX Technologies Stock Performance

SPXC traded down $0.27 during trading on Monday, hitting $180.55. The stock had a trading volume of 251,435 shares, compared to its average volume of 285,251. 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 company's 50-day moving average price is $163.48 and its 200 day moving average price is $148.57. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $183.83. The firm has a market capitalization of $8.43 billion, a P/E ratio of 42.09, a PEG ratio of 1.59 and a beta of 1.24.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.22. The business had revenue of $482.60 million during the quarter, compared to analysts' expectations of $481.32 million. SPX Technologies had a return on equity of 19.67% and a net margin of 10.13%. The business's revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $1.25 earnings per share. On average, equities research analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPXC has been the topic of several recent research reports. B. Riley assumed coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target on the stock. Oppenheimer upped their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, UBS Group upgraded 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 report on Monday, June 2nd. Four 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 has a consensus rating of "Buy" and an average price target of $189.60.

Insider Buying and Selling

In other news, Director Rick D. Puckett sold 6,823 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 33,770 shares in the company, valued at approximately $5,167,147.70. This represents a 16.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.32% of the company's stock.

SPX Technologies 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.