Port Capital LLC Acquires New Holdings in SPX Technologies, Inc. $SPXC

Key Points

• Port Capital LLC acquired 445,236 shares of SPX Technologies in the second quarter, valued at about $109.2 million. The position represents roughly 4.5% of the fund’s portfolio and 0.89% of SPXC’s outstanding shares.
• Institutional ownership remains high at 92.82%, with several other hedge funds and asset managers recently initiating or increasing positions.
• Analysts maintain a positive outlook, with SPXC holding a consensus “Buy” rating and an average price target of $266.67. The company also exceeded quarterly earnings and revenue expectations, reporting $2.02 EPS and $679 million in revenue.

Port Capital LLC bought a new position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 445,236 shares of the company's stock, valued at approximately $109,159,000. SPX Technologies comprises approximately 4.5% of Port Capital LLC's investment portfolio, making the stock its 5th biggest position. Port Capital LLC owned approximately 0.89% of SPX Technologies at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPXC. Group One Trading LLC bought a new position in shares of SPX Technologies in the second quarter valued at approximately $32,000. Ares Financial Consulting LLC bought a new stake in shares of SPX Technologies during the 4th quarter worth $37,000. Hazlett Burt & Watson Inc. grew its stake in SPX Technologies by 56.7% in the 4th 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in SPX Technologies in the 2nd quarter valued at $47,000. Finally, Hantz Financial Services Inc. raised its holdings in SPX Technologies by 21.4% in the 4th quarter. Hantz Financial Services Inc. now owns 255 shares of the company's stock worth $51,000 after acquiring an additional 45 shares during the period. Institutional investors and hedge funds own 92.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SPXC shares. Wells Fargo & Company reissued an "overweight" rating and set a $250.00 target price on shares of SPX Technologies in a research report on Monday, August 3rd. Wolfe Research reaffirmed an "outperform" rating and issued a $266.00 price target on shares of SPX Technologies in a research report on Thursday, July 9th. Weiss Ratings reiterated a "buy (b-)" rating on shares of SPX Technologies in a research note on Wednesday, July 8th. Oppenheimer reissued 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. Finally, B. Riley Financial increased their target price on SPX Technologies from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, SPX Technologies currently has an average rating of "Buy" and a consensus target price of $266.67.

SPX Technologies Price Performance

Shares of SPXC stock opened at $205.28 on Thursday. SPX Technologies, Inc. has a 12 month low of $179.62 and a 12 month high of $251.08. The company has a market capitalization of $10.28 billion, a P/E ratio of 36.92, a P/E/G ratio of 1.31 and a beta of 1.27. The stock has a 50 day moving average of $219.26 and a two-hundred day moving average of $217.33. The company has a current ratio of 1.82, a quick ratio of 1.21 and a debt-to-equity ratio of 0.23.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $2.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.85 by $0.17. The business had revenue of $679.00 million for the quarter, compared to analysts' expectations of $640.18 million. SPX Technologies had a return on equity of 16.53% and a net margin of 11.27%.SPX Technologies's quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.65 earnings per share. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. As a group, equities analysts expect that SPX Technologies, Inc. will post 8.47 EPS for the current year.

About SPX Technologies

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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