Westfield Capital Management Co. LP Grows Stake in SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Westfield Capital Management Co. LP increased its stake in SPX Technologies by 2.0%, acquiring a total of 128,615 shares, valued at approximately $16.56 million.
• SPX Technologies reported a quarterly earnings per share of $1.65, surpassing the expectation of $1.45, with revenue of $552.40 million, reflecting a 10.2% year-over-year increase.
• Multiple analysts have recently upgraded SPX Technologies' target price, with UBS raising it from $182 to $210, indicating strong buy ratings from four analysts and a consensus rating of "Buy".

Westfield Capital Management Co. LP boosted its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 2.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,615 shares of the company's stock after purchasing an additional 2,579 shares during the quarter. Westfield Capital Management Co. LP owned about 0.28% of SPX Technologies worth $16,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. NBC Securities Inc. acquired a new stake in SPX Technologies in the first quarter worth about $27,000. Eastern Bank acquired a new stake in SPX Technologies in the first quarter worth about $38,000. Covestor Ltd boosted its holdings in SPX Technologies by 313.8% in the fourth quarter. Covestor Ltd now owns 389 shares of the company's stock worth $57,000 after acquiring an additional 295 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in SPX Technologies by 211.3% in 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 in the last quarter. Finally, Farther Finance Advisors LLC boosted 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 in the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Price Performance

Shares of SPX Technologies stock traded down $0.27 on Wednesday, reaching $203.44. The company's stock had a trading volume of 361,425 shares, compared to its average volume of 300,556. 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, Inc. has a 52-week low of $115.00 and a 52-week high of $206.04. The company has a market capitalization of $9.51 billion, a P/E ratio of 45.72, a PEG ratio of 1.73 and a beta of 1.27. The stock has a 50-day moving average price of $168.63 and a 200-day moving average price of $150.70.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.45 by $0.20. The firm had revenue of $552.40 million during the quarter, compared to analysts' expectations of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.42 earnings per share. Analysts expect that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Insiders Place Their Bets

In other news, Director Rick D. Puckett sold 6,823 shares of the company's stock in a transaction 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 transaction, the director owned 33,770 shares of the company's stock, valued at $5,167,147.70. This represents a 16.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.32% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on SPXC. B. Riley started coverage on SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 target price for the company. UBS Group boosted their price target on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Oppenheimer boosted 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. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $195.20.

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.