SPX Technologies, Inc. (NYSE:SPXC) Shares Bought by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in SPX Technologies by 3.0% in the first quarter, owning 109,082 shares valued at approximately $14 million.
• UBS Group and Oppenheimer both raised their target prices for SPX Technologies, with UBS increasing it from $182.00 to $210.00, indicating strong analyst sentiment.
• SPX Technologies reported $1.65 EPS for the last quarter, surpassing analyst expectations of $1.45, alongside a year-over-year revenue increase of 10.2% to $552.40 million.

Federated Hermes Inc. raised its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 3.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 109,082 shares of the company's stock after purchasing an additional 3,177 shares during the period. Federated Hermes Inc. owned 0.23% of SPX Technologies worth $14,048,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of SPX Technologies during the first quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of SPX Technologies by 377.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after buying an additional 151 shares during the last quarter. Covestor Ltd raised its stake in SPX Technologies by 313.8% during the fourth quarter. Covestor Ltd now owns 389 shares of the company's stock worth $57,000 after acquiring an additional 295 shares during the period. Skandinaviska Enskilda Banken AB publ raised its stake in SPX Technologies by 211.3% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock worth $78,000 after acquiring an additional 410 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in SPX Technologies by 18.5% in the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock worth $83,000 after acquiring an additional 98 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on SPXC shares. UBS Group upped their target price on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday. B. Riley assumed coverage on SPX Technologies in a research note on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective for the company. Finally, Oppenheimer increased their target price on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, SPX Technologies presently has a consensus rating of "Buy" and an average target price of $195.20.

SPX Technologies Price Performance

NYSE SPXC opened at $196.43 on Friday. The company has a 50-day moving average price of $166.62 and a two-hundred day moving average price of $149.95. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $198.75. The stock has a market cap of $9.18 billion, a price-to-earnings ratio of 44.14, a price-to-earnings-growth ratio of 1.60 and a beta of 1.27. 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 issued its quarterly earnings data on Thursday, July 31st. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a return on equity of 20.07% and a net margin of 10.27%. The business had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. During the same period in the prior year, the company posted $1.42 EPS. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Insider Activity

In related news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the sale, the director directly owned 33,770 shares in the company, valued at $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.32% of the company's stock.

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.

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