Millennium Management LLC Acquires 23,988 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Millennium Management LLC lifted its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 960.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,486 shares of the company's stock after acquiring an additional 23,988 shares during the quarter. Millennium Management LLC owned 0.06% of SPX Technologies worth $3,854,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Allworth Financial LP increased its position in SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company's stock worth $25,000 after buying an additional 90 shares during the last quarter. Empowered Funds LLC purchased a new stake in SPX Technologies in the fourth quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased 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 buying an additional 151 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in SPX Technologies by 2,055.6% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company's stock worth $28,000 after buying an additional 185 shares during the last quarter. Finally, Covestor Ltd increased its position 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 buying an additional 295 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SPX Technologies 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 value of $1,043,987.23. Following the completion of the sale, the director now owns 33,770 shares in the company, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.32% of the company's stock.

SPX Technologies Price Performance

SPXC stock traded down $0.55 during mid-day trading on Friday, hitting $152.20. 229,096 shares of the stock were exchanged, compared to its average volume of 278,943. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The business has a fifty day moving average price of $139.29 and a 200 day moving average price of $146.60. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $183.83. The stock has a market capitalization of $7.11 billion, a price-to-earnings ratio of 40.91, a PEG ratio of 1.33 and a beta of 1.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.22. The company 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 19.70% and a net margin of 9.11%. SPX Technologies's quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 EPS. On average, sell-side analysts anticipate that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Oppenheimer upgraded SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price target for the company in a research report on Wednesday, February 26th. Sidoti upgraded SPX Technologies from a "neutral" rating to a "buy" rating in a research report on Wednesday, February 26th. Finally, B. Riley assumed coverage on SPX Technologies in a research report on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target for the company. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SPX Technologies presently has an average rating of "Buy" and an average target price of $178.80.

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.