Panagora Asset Management Inc. Purchases 46,858 Shares of SPX Technologies, Inc. $SPXC

Key Points

• Panagora Asset Management Inc. increased its stake in SPX Technologies by 30.5% during the first quarter, acquiring an additional 46,858 shares, bringing its total ownership to 200,276 shares valued at approximately $25.8 million.
• Several other institutional investors also raised their stakes in SPX Technologies, with institutional ownership now totaling 92.82% of the company's stock.
• Analyst ratings are generally positive, with a consensus rating of "Buy" and a target price of $195.20 for the stock, indicating strong investor confidence.

Panagora Asset Management Inc. increased its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 30.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,276 shares of the company's stock after purchasing an additional 46,858 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.43% of SPX Technologies worth $25,792,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in SPX Technologies during the 1st quarter worth about $27,000. Eastern Bank bought a new position in SPX Technologies during the first quarter worth about $38,000. SVB Wealth LLC acquired a new stake in SPX Technologies in the 1st quarter valued at approximately $39,000. Skandinaviska Enskilda Banken AB publ raised its stake in shares of SPX Technologies by 211.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after purchasing an additional 410 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in SPX Technologies by 18.5% in the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen raised SPX Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. UBS Group boosted their price objective on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research report on Friday, August 1st. B. Riley started coverage on SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target for the company. Finally, Oppenheimer lifted their price objective on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Stock Performance

SPXC traded down $1.35 on Wednesday, hitting $182.77. 257,293 shares of the company traded hands, compared to its average volume of 322,087. The stock has a market capitalization of $8.55 billion, a PE ratio of 41.07, a PEG ratio of 1.59 and a beta of 1.32. The company has a 50 day moving average of $182.89 and a 200-day moving average of $156.62. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $209.38. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%.The firm had revenue of $552.40 million for the quarter, compared to analysts' expectations of $546.03 million. During the same quarter in the prior year, the firm earned $1.42 EPS. SPX Technologies's quarterly revenue was up 10.2% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. Sell-side analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

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.