Vanguard Group Inc. Sells 17,727 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Vanguard Group Inc. reduced its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 0.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,013,562 shares of the company's stock after selling 17,727 shares during the quarter. Vanguard Group Inc. owned about 10.73% of SPX Technologies worth $645,647,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SPXC. Comerica Bank lifted its position in SPX Technologies by 25.4% in the 4th 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 in the last quarter. GSA Capital Partners LLP acquired a new stake in SPX Technologies in the 1st quarter valued at about $890,000. Pacer Advisors Inc. boosted its position in SPX Technologies by 80.1% in the 1st quarter. Pacer Advisors Inc. now owns 1,951 shares of the company's stock valued at $251,000 after buying an additional 868 shares during the period. Hsbc Holdings PLC increased its stake in SPX Technologies by 61.4% in the fourth quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock valued at $1,620,000 after purchasing an additional 4,229 shares during the period. Finally, Bessemer Group Inc. grew its position in SPX Technologies by 1,544.0% during the first quarter. Bessemer Group Inc. now owns 6,757 shares of the company's stock worth $870,000 after buying an additional 6,346 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Stock Performance

SPX Technologies stock traded down $0.40 during midday trading on Friday, hitting $186.16. 1,037,470 shares of the company were exchanged, compared to its average volume of 518,691. SPX Technologies, Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $209.38. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.28 and a current ratio of 1.97. The business has a fifty day simple moving average of $175.11 and a two-hundred day simple moving average of $153.21. The firm has a market capitalization of $8.70 billion, a PE ratio of 41.83, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27.

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, beating the consensus estimate of $1.45 by $0.20. The business had revenue of $552.40 million during the quarter, compared to the consensus estimate of $546.03 million. SPX Technologies had a return on equity of 19.59% and a net margin of 10.27%. The company's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 earnings per share. On average, sell-side analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPXC. Oppenheimer raised their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. B. Riley started coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They issued a "buy" rating and a $195.00 price objective for the company. Wall Street Zen raised shares of SPX Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, UBS Group increased their target price on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $195.20.

Insider Activity at SPX Technologies

In other news, Director Rick D. Puckett sold 6,823 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $153.01, for a total value of $1,043,987.23. Following the completion of the sale, the director directly owned 33,770 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 3.32% of the stock is currently owned by corporate insiders.

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.