Van Berkom & Associates Inc. Purchases 356,858 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Key Points

• Van Berkom & Associates Inc. significantly increased its stake in SPX Technologies by acquiring 356,858 shares, raising its holdings by 3,195.9% during the first quarter.
• SPX Technologies reported $1.38 earnings per share for the latest quarter, exceeding analysts' expectations and indicating a 3.7% year-over-year revenue growth.
• A number of investment analysts have given SPX Technologies a buy rating, with price targets ranging between $182.00 and $197.00.

Van Berkom & Associates Inc. increased its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 3,195.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,024 shares of the company's stock after acquiring an additional 356,858 shares during the period. Van Berkom & Associates Inc. owned approximately 0.79% of SPX Technologies worth $47,394,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of Montreal Can lifted its stake in SPX Technologies by 1.3% during the fourth quarter. Bank of Montreal Can now owns 6,316 shares of the company's stock valued at $919,000 after purchasing an additional 78 shares during the last quarter. Park Avenue Securities LLC lifted its stake in SPX Technologies by 1.9% during the first quarter. Park Avenue Securities LLC now owns 4,497 shares of the company's stock valued at $579,000 after purchasing an additional 83 shares during the last quarter. Huntington National Bank lifted its stake in SPX Technologies by 17.6% during the fourth quarter. Huntington National Bank now owns 587 shares of the company's stock valued at $85,000 after purchasing an additional 88 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in SPX Technologies by 18.5% during the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company's stock valued at $83,000 after purchasing an additional 98 shares during the last quarter. Finally, Private Advisor Group LLC lifted its stake in SPX Technologies by 1.6% during the first quarter. Private Advisor Group LLC now owns 7,034 shares of the company's stock valued at $906,000 after purchasing an additional 113 shares during the last quarter. 92.82% of the stock is currently owned by institutional investors.

SPX Technologies Stock Up 0.7%

SPXC stock traded up $1.34 during midday trading on Wednesday, reaching $181.58. The company had a trading volume of 157,577 shares, compared to its average volume of 283,414. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $183.83. 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 company has a market capitalization of $8.48 billion, a P/E ratio of 42.33, a PEG ratio of 1.58 and a beta of 1.24. The company has a 50 day moving average of $164.47 and a two-hundred day moving average of $149.09.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.16 by $0.22. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. The company had revenue of $482.60 million for the quarter, compared to analyst estimates of $481.32 million. During the same quarter in the prior year, the business posted $1.25 EPS. SPX Technologies's quarterly revenue was up 3.7% on a year-over-year basis. On average, equities research analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Insider Transactions at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the firm's stock in a transaction on 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 sale, the director directly owned 33,770 shares in the company, valued at $5,167,147.70. This trade represents a 16.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.32% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SPXC. Oppenheimer upped their price target 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 upgraded shares of SPX Technologies from a "neutral" rating to a "buy" rating and upped their price target for the company from $160.00 to $182.00 in a research report on Monday, June 2nd. Finally, B. Riley began coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target for the company. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average 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.