Mengis Capital Management Inc. Reduces Stake in SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Mengis Capital Management Inc. reduced its stake in SPX Technologies by 23.8% during the first quarter, currently holding 16,000 shares valued at $2.06 million after selling 5,000 shares.
• Institutional investors own 92.82% of SPX Technologies, with notable increases in holdings from Comerica Bank (up 25.4%) and Hsbc Holdings PLC (up 61.4%) in the fourth quarter.
• SPX Technologies reported a 10.2% revenue increase year-over-year, generating $552.4 million and beating analyst expectations, while earnings per share came in at $1.65, exceeding the consensus estimate by $0.20.

Mengis Capital Management Inc. lessened its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 23.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,000 shares of the company's stock after selling 5,000 shares during the period. Mengis Capital Management Inc.'s holdings in SPX Technologies were worth $2,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. NBC Securities Inc. purchased a new stake in shares of SPX Technologies during the first quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in SPX Technologies by 377.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock worth $29,000 after buying an additional 151 shares during the period. Eastern Bank acquired a new stake in SPX Technologies during the 1st quarter valued at approximately $38,000. Covestor Ltd boosted its holdings in shares of SPX Technologies by 313.8% in the 4th quarter. Covestor Ltd now owns 389 shares of the company's stock valued at $57,000 after acquiring an additional 295 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in shares of 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 during the period. Hedge funds and other institutional investors own 92.82% of the company's stock.

Insider Buying and Selling at SPX Technologies

In other news, Director Rick D. Puckett sold 6,823 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the completion of the transaction, the director directly 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 filing with the SEC, which is available through this link. 3.32% of the stock is currently owned by insiders.

SPX Technologies Stock Performance

NYSE:SPXC traded up $14.04 during trading hours on Friday, reaching $196.43. The company had a trading volume of 739,717 shares, compared to its average volume of 249,962. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $198.75. The firm has a market cap of $9.18 billion, a PE ratio of 44.14, a price-to-earnings-growth ratio of 1.60 and a beta of 1.27. The business's 50 day moving average price is $166.62 and its 200-day moving average price is $149.95. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.88 and a quick ratio of 1.24.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to the consensus estimate of $546.03 million. SPX Technologies had a return on equity of 20.07% and a net margin of 10.27%. The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.42 EPS. Research analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Wall Street Analysts Forecast Growth

SPXC has been the subject of a number of recent research reports. B. Riley initiated 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. UBS Group lifted their price objective on SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday. Finally, Oppenheimer boosted their price target on SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $195.20.

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.