SPX Technologies, Inc. (NYSE:SPXC) Position Trimmed by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC trimmed its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 42.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,813 shares of the company's stock after selling 2,077 shares during the period. Greenwood Capital Associates LLC's holdings in SPX Technologies were worth $362,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SPXC. Norges Bank bought a new position in shares of SPX Technologies in the 4th quarter worth about $93,038,000. Raymond James Financial Inc. acquired a new position in shares of SPX Technologies during the fourth quarter valued at $32,337,000. First Trust Advisors LP grew its position in shares of SPX Technologies by 54.5% during the fourth quarter. First Trust Advisors LP now owns 553,320 shares of the company's stock worth $80,519,000 after acquiring an additional 195,153 shares during the last quarter. Franklin Resources Inc. lifted its position in SPX Technologies by 1,260.7% in the 4th quarter. Franklin Resources Inc. now owns 170,512 shares of the company's stock valued at $24,813,000 after purchasing an additional 157,981 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in SPX Technologies by 25,946.4% during the 1st quarter. GAMMA Investing LLC now owns 138,567 shares of the company's stock valued at $17,845,000 after purchasing an additional 138,035 shares during the period. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SPXC shares. Oppenheimer upgraded SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price objective for the company in a research report on Wednesday, February 26th. UBS Group raised SPX Technologies from a "neutral" rating to a "buy" rating and lifted their target price for the company from $160.00 to $182.00 in a research note on Monday, June 2nd. B. Riley started coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target for the company. Finally, Sidoti raised SPX Technologies from a "neutral" rating to a "buy" rating in a report on Wednesday, February 26th. 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, SPX Technologies presently has an average rating of "Buy" and a consensus price target of $183.20.

Insiders Place Their Bets

In other news, Director Rick D. Puckett sold 6,823 shares of the business's stock in a transaction that occurred 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 sale, the director now owns 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.32% of the company's stock.

SPX Technologies Price Performance

SPXC stock traded down $4.44 on Friday, hitting $154.32. 145,970 shares of the company's stock traded hands, compared to its average volume of 279,167. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of 41.48, a P/E/G ratio of 1.33 and a beta of 1.23. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $183.83. The stock has a fifty day moving average of $144.45 and a 200-day moving average of $145.94.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $482.60 million during the quarter, compared to analyst estimates of $481.32 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The company's revenue was up 3.7% compared to the same quarter last year. During the same period last year, the company posted $1.25 EPS. On average, analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

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.