TD Asset Management Inc Reduces Position in SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• TD Asset Management Inc reduced its stake in SPX Technologies by 35.6% in the 1st quarter, resulting in ownership of 21,126 shares valued at approximately $2.72 million.
• SPX Technologies reported $1.65 earnings per share in its latest quarter, exceeding analysts' estimates and showing a revenue increase of 10.2% year-over-year.
• Analysts are optimistic on SPX Technologies, with a consensus rating of "Buy" and target prices raised by firms like Oppenheimer and UBS Group.

TD Asset Management Inc lessened its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 35.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,126 shares of the company's stock after selling 11,664 shares during the period. TD Asset Management Inc's holdings in SPX Technologies were worth $2,721,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SPXC. NBC Securities Inc. acquired a new stake in SPX Technologies during the 1st quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in SPX Technologies by 377.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after acquiring an additional 151 shares during the period. Covestor Ltd lifted its stake in SPX Technologies by 313.8% during 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 period. Skandinaviska Enskilda Banken AB publ lifted its stake in SPX Technologies by 211.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 604 shares of the company's stock valued at $78,000 after acquiring an additional 410 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in SPX Technologies by 18.5% during the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after acquiring an additional 98 shares during the period. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

SPXC opened at $196.43 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.88 and a quick ratio of 1.24. The firm has a fifty day moving average price of $166.62 and a 200 day moving average price of $149.96. The stock has a market cap of $9.18 billion, a P/E ratio of 44.14, a P/E/G ratio of 1.72 and a beta of 1.27. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $198.75.

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

Wall Street Analyst Weigh In

SPXC has been the subject of several analyst reports. Oppenheimer boosted 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. UBS Group boosted their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday. 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 for the company. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $195.20.

Insiders Place Their Bets

In other SPX Technologies 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 transaction, the director directly owned 33,770 shares in the company, valued at approximately $5,167,147.70. This represents a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.32% of the company's stock.

SPX Technologies Company 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.

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