Park Square Financial Group LLC Makes New Investment in SPX Technologies, Inc. (NYSE:SPXC)

Park Square Financial Group LLC purchased a new position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,184 shares of the company's stock, valued at approximately $318,000.

A number of other hedge funds also recently modified their holdings of the business. Barclays PLC raised its holdings in shares of SPX Technologies by 299.0% during the third quarter. Barclays PLC now owns 84,567 shares of the company's stock valued at $13,485,000 after purchasing an additional 63,373 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of SPX Technologies by 26.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 5,407 shares of the company's stock valued at $787,000 after purchasing an additional 1,137 shares during the period. KBC Group NV raised its holdings in shares of SPX Technologies by 2,109.8% during the fourth quarter. KBC Group NV now owns 28,617 shares of the company's stock valued at $4,164,000 after purchasing an additional 27,322 shares during the period. Pacer Advisors Inc. raised its holdings in shares of SPX Technologies by 28.2% during the fourth quarter. Pacer Advisors Inc. now owns 1,083 shares of the company's stock valued at $158,000 after purchasing an additional 238 shares during the period. Finally, Spire Wealth Management acquired a new position in shares of SPX Technologies during the fourth quarter valued at about $57,000. Institutional investors and hedge funds own 92.82% of the company's stock.

SPX Technologies Stock Performance

SPXC traded up $0.62 during midday trading on Thursday, reaching $153.07. The company had a trading volume of 191,854 shares, compared to its average volume of 278,399. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. The stock has a market cap of $7.15 billion, a PE ratio of 41.15, a P/E/G ratio of 1.33 and a beta of 1.21. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83. The business has a 50-day moving average price of $138.76 and a two-hundred day moving average price of $146.79.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its 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 firm had revenue of $482.60 million for the quarter, compared to analysts' expectations of $481.32 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The company's quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.25 earnings per share. On average, sell-side analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SPXC. Oppenheimer raised shares of SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price target on the stock in a research report on Wednesday, February 26th. Sidoti raised shares of SPX Technologies from a "neutral" rating to a "buy" rating in a research report on Wednesday, February 26th. Finally, B. Riley began 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. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, SPX Technologies has an average rating of "Buy" and an average target price of $178.80.

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.