Navellier & Associates Inc. Lowers Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Navellier & Associates Inc. reduced its investment in SPX Technologies by 30.9% in Q1, holding 10,180 shares valued at approximately $1.31 million after selling 4,560 shares.
• SPX Technologies reported an earnings per share (EPS) of $1.38, exceeding analysts' expectations of $1.16, with a revenue of $482.60 million for the quarter.
• UBS Group upgraded SPX Technologies from a "neutral" to a "buy" rating, raising their price target from $160.00 to $182.00, and multiple analysts have set a consensus target price of $189.60 for the stock.

Navellier & Associates Inc. cut its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 30.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,180 shares of the company's stock after selling 4,560 shares during the quarter. Navellier & Associates Inc.'s holdings in SPX Technologies were worth $1,311,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of SPX Technologies during the fourth quarter worth about $93,038,000. Raymond James Financial Inc. purchased a new position in shares of SPX Technologies in the 4th quarter valued at approximately $32,337,000. First Trust Advisors LP grew its stake in shares of SPX Technologies by 54.5% in the 4th quarter. First Trust Advisors LP now owns 553,320 shares of the company's stock valued at $80,519,000 after purchasing an additional 195,153 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of SPX Technologies by 1,260.7% in the fourth 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 period. Finally, GAMMA Investing LLC raised its stake in shares of SPX Technologies by 25,946.4% during the first quarter. GAMMA Investing LLC now owns 138,567 shares of the company's stock worth $17,845,000 after purchasing an additional 138,035 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Price Performance

SPX Technologies stock traded up $1.11 during midday trading on Wednesday, reaching $181.35. The company's stock had a trading volume of 50,864 shares, compared to its average volume of 282,811. The firm has a market capitalization of $8.47 billion, a PE ratio of 42.18, a P/E/G ratio of 1.58 and a beta of 1.24. SPX Technologies, Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $183.83. The stock's 50 day simple moving average is $164.47 and its 200 day simple moving average is $149.09. 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 (NYSE:SPXC - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.16 by $0.22. The firm had revenue of $482.60 million during the quarter, compared to analysts' expectations of $481.32 million. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. The business's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 earnings per share. On average, equities research analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Insider Activity

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 stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the sale, the director owned 33,770 shares of the company's stock, valued at $5,167,147.70. The trade was a 16.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SPXC. Oppenheimer lifted their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. UBS Group raised shares of 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 report on Monday, June 2nd. Finally, B. Riley initiated coverage on shares of SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target for the company. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average 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.