SPX Technologies, Inc. (NYSE:SPXC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 11.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 301,726 shares of the company's stock after selling 40,743 shares during the period. Bank of New York Mellon Corp owned approximately 0.65% of SPX Technologies worth $38,856,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. NBC Securities Inc. purchased a new position in shares of SPX Technologies during the first quarter valued at approximately $27,000. Skandinaviska Enskilda Banken AB publ boosted its position in shares of SPX Technologies by 2,055.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company's stock worth $28,000 after acquiring an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of SPX Technologies by 377.5% during the fourth 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. Covestor Ltd boosted its position in shares of 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 last quarter. Finally, Farther Finance Advisors LLC lifted its position in SPX Technologies by 18.5% during the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after purchasing an additional 98 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

Insider Activity

In other news, Director Rick D. Puckett sold 6,823 shares of the company's stock in a transaction on 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.32% of the stock is owned by insiders.

SPX Technologies Stock Performance

SPXC stock traded up $4.51 during trading on Wednesday, reaching $175.33. The company had a trading volume of 363,124 shares, compared to its average volume of 273,915. The firm has a 50-day simple moving average of $160.17 and a 200-day simple moving average of $146.99. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 40.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24 and a current ratio of 1.88. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $183.83.

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

Analysts Set New Price Targets

Several equities analysts have commented on SPXC shares. UBS Group upgraded shares of SPX Technologies from a "neutral" rating to a "buy" rating and increased their price objective for the company from $160.00 to $182.00 in a research report on Monday, June 2nd. Oppenheimer increased their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, B. Riley initiated coverage on shares of SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 target price on the stock. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $189.60.

About SPX Technologies

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.