Universal Beteiligungs und Servicegesellschaft mbH Sells 31,608 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has significantly reduced its stake in SPX Technologies, selling 31,608 shares during the first quarter, resulting in an 88.3% decrease in their holdings.
• A number of institutional investors have increased their positions in SPX Technologies recently, with Comerica Bank growing its stake by 25.4%.
• SPX Technologies shares opened at $196.43, showing a strong market presence with a revenue increase of 10.2% year-over-year and earnings per share beating analyst estimates.

Universal Beteiligungs und Servicegesellschaft mbH trimmed its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 88.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,190 shares of the company's stock after selling 31,608 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH's holdings in SPX Technologies were worth $540,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Comerica Bank grew its position in SPX Technologies by 25.4% during the 4th quarter. Comerica Bank now owns 86,267 shares of the company's stock valued at $12,554,000 after purchasing an additional 17,472 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of SPX Technologies by 61.4% during the 4th quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock valued at $1,620,000 after acquiring an additional 4,229 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of SPX Technologies by 1,544.0% during the 1st quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock valued at $870,000 after acquiring an additional 6,346 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of SPX Technologies during the 4th quarter valued at about $279,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of 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 last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $153.01, for a total value 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. The trade was a 16.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.32% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on SPXC. UBS Group raised their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday. 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. Finally, B. Riley assumed coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They set a "buy" rating and a $195.00 price objective on the stock. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $195.20.

SPX Technologies Stock Up 7.7%

Shares of SPXC opened at $196.43 on Friday. The firm has a market capitalization 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 12-month low of $115.00 and a 12-month high of $198.75. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60. The firm has a fifty day moving average price of $166.62 and a 200-day moving average price of $149.96.

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

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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