Principal Financial Group Inc. Trims Stake in SPX Technologies, Inc. (NYSE:SPXC)

Principal Financial Group Inc. trimmed its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 523,245 shares of the company's stock after selling 9,750 shares during the quarter. Principal Financial Group Inc. owned approximately 1.12% of SPX Technologies worth $67,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in SPX Technologies by 377.5% during the 4th 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 during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of SPX Technologies by 2,055.6% in the 4th 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. NBC Securities Inc. bought a new stake in shares of SPX Technologies in the 1st quarter worth approximately $27,000. Covestor Ltd grew its position in shares of SPX Technologies by 313.8% in the 4th 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. Finally, Huntington National Bank grew its position in shares of SPX Technologies by 17.6% in the 4th quarter. Huntington National Bank now owns 587 shares of the company's stock worth $85,000 after buying an additional 88 shares during the last quarter. 92.82% of the stock is currently owned by institutional investors.

SPX Technologies Stock Up 0.3%

NYSE:SPXC traded up $0.48 during trading hours on Friday, reaching $173.03. 126,114 shares of the company traded hands, compared to its average volume of 275,065. The business's 50-day moving average price is $155.16 and its two-hundred day moving average price is $145.51. The stock has a market capitalization of $8.08 billion, a P/E ratio of 40.33, a P/E/G ratio of 1.52 and a beta of 1.24. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $183.83. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60.

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

Insider Activity

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 value of $1,043,987.23. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.32% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPXC. UBS Group upgraded SPX Technologies from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $160.00 to $182.00 in a research report on Monday, June 2nd. B. Riley assumed coverage on SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target on the stock. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SPX Technologies has a consensus rating of "Buy" and an average price target of $183.20.

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.