Teacher Retirement System of Texas Raises Stake in SPX Technologies, Inc. (NYSE:SPXC)

Teacher Retirement System of Texas lifted its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 71.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,453 shares of the company's stock after acquiring an additional 4,766 shares during the quarter. Teacher Retirement System of Texas' holdings in SPX Technologies were worth $1,475,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Comerica Bank grew its position in SPX Technologies by 25.4% during the fourth quarter. Comerica Bank now owns 86,267 shares of the company's stock valued at $12,554,000 after acquiring an additional 17,472 shares during the last quarter. Hsbc Holdings PLC lifted its position in SPX Technologies by 61.4% during the fourth quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock valued at $1,620,000 after buying an additional 4,229 shares during the period. Bessemer Group Inc. raised its position in shares of SPX Technologies by 1,544.0% in the 1st quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock worth $870,000 after purchasing an additional 6,346 shares during the last quarter. Raymond James Financial Inc. bought a new stake in SPX Technologies in the 4th quarter worth about $32,337,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of SPX Technologies during the 4th quarter valued at about $279,000. Institutional investors own 92.82% of the company's stock.

Wall Street Analysts Forecast Growth

SPXC has been the topic of several recent research reports. UBS Group upgraded SPX Technologies from a "neutral" rating to a "buy" rating and increased their price target for the company from $160.00 to $182.00 in a report on Monday, June 2nd. B. Riley initiated coverage on SPX Technologies in a report on Thursday, May 15th. They set a "buy" rating and a $195.00 price target on the stock. Finally, Oppenheimer increased 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 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 stock has a consensus rating of "Buy" and an average target price of $189.60.

Insider Activity

In related news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies 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 in the company, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.32% of the stock is currently owned by insiders.

SPX Technologies Stock Down 2.0%

NYSE SPXC traded down $3.51 during trading on Tuesday, hitting $170.87. The company's stock had a trading volume of 203,684 shares, compared to its average volume of 274,063. 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 company has a market cap of $7.98 billion, a PE ratio of 39.83, a P/E/G ratio of 1.51 and a beta of 1.24. The business's 50 day simple moving average is $159.22 and its 200-day simple moving average is $146.62. SPX Technologies, Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $183.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results 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 the consensus estimate of $481.32 million. SPX Technologies had a return on equity of 19.67% and a net margin of 10.13%. The company's quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company earned $1.25 earnings per share. On average, equities analysts anticipate that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

SPX Technologies 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.