Victory Capital Management Inc. Trims Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Victory Capital Management Inc. reduced its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 7.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 180,099 shares of the company's stock after selling 13,884 shares during the period. Victory Capital Management Inc. owned approximately 0.38% of SPX Technologies worth $23,193,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Signaturefd LLC lifted its holdings in shares of SPX Technologies by 28.2% during the first quarter. Signaturefd LLC now owns 805 shares of the company's stock valued at $104,000 after purchasing an additional 177 shares in the last quarter. Edgestream Partners L.P. lifted its holdings in SPX Technologies by 764.8% in the first quarter. Edgestream Partners L.P. now owns 53,213 shares of the company's stock valued at $6,853,000 after acquiring an additional 47,060 shares during the period. CWM LLC lifted its holdings in SPX Technologies by 80.2% in the first quarter. CWM LLC now owns 2,114 shares of the company's stock valued at $272,000 after acquiring an additional 941 shares during the period. New York State Common Retirement Fund lifted its holdings in SPX Technologies by 4.4% in the first quarter. New York State Common Retirement Fund now owns 286,526 shares of the company's stock valued at $36,899,000 after acquiring an additional 12,053 shares during the period. Finally, Xponance Inc. lifted its holdings in SPX Technologies by 6.2% in the first quarter. Xponance Inc. now owns 3,514 shares of the company's stock valued at $453,000 after acquiring an additional 205 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Rick D. Puckett sold 6,823 shares of the firm'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 sale, the director owned 33,770 shares in the company, valued at $5,167,147.70. This trade represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.32% of the stock is currently owned by corporate insiders.

SPX Technologies Price Performance

SPXC stock opened at $174.72 on Tuesday. The company has a market capitalization of $8.16 billion, a PE ratio of 40.73, a P/E/G ratio of 1.56 and a beta of 1.24. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83. The business's fifty day moving average price is $161.37 and its 200 day moving average price is $147.49.

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

Analyst Ratings Changes

SPXC has been the subject of several analyst reports. B. Riley initiated coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 price objective for the company. UBS Group raised SPX Technologies from a "neutral" rating to a "buy" rating and raised their price target for the stock from $160.00 to $182.00 in a research note on Monday, June 2nd. Finally, Oppenheimer raised their price target on SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price 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.

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