Wellington Management Group LLP Lowers Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Wellington Management Group LLP lessened its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 8.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 249,081 shares of the company's stock after selling 24,118 shares during the period. Wellington Management Group LLP owned 0.54% of SPX Technologies worth $36,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in SPX Technologies in the fourth quarter valued at approximately $93,038,000. Raymond James Financial Inc. purchased a new stake in SPX Technologies in the fourth quarter valued at approximately $32,337,000. First Trust Advisors LP boosted its position in SPX Technologies by 54.5% in the fourth quarter. First Trust Advisors LP now owns 553,320 shares of the company's stock valued at $80,519,000 after buying an additional 195,153 shares during the last quarter. Conestoga Capital Advisors LLC boosted its position in SPX Technologies by 25.6% in the fourth quarter. Conestoga Capital Advisors LLC now owns 787,795 shares of the company's stock valued at $114,640,000 after buying an additional 160,535 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in SPX Technologies by 1,260.7% in the fourth quarter. Franklin Resources Inc. now owns 170,512 shares of the company's stock valued at $24,813,000 after buying an additional 157,981 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

Insider Buying and Selling

In related news, Director Rick D. Puckett sold 6,823 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 33,770 shares of the company's stock, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.32% of the company's stock.

Wall Street Analysts Forecast Growth

SPXC has been the topic of a number of recent research reports. Sidoti upgraded SPX Technologies from a "neutral" rating to a "buy" rating in a research report on Wednesday, February 26th. UBS Group raised SPX Technologies from a "neutral" rating to a "buy" rating and boosted their price target for the company from $160.00 to $182.00 in a report on Monday. B. Riley started coverage on SPX Technologies in a report on Thursday, May 15th. They issued a "buy" rating and a $195.00 price target for the company. Finally, Oppenheimer raised SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price target for the company in a report on Wednesday, February 26th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $183.20.

SPX Technologies Price Performance

SPXC stock traded down $0.14 during midday trading on Wednesday, reaching $157.88. The stock had a trading volume of 37,494 shares, compared to its average volume of 277,808. The company's fifty day simple moving average is $140.15 and its 200 day simple moving average is $146.37. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 42.44, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $183.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.22. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. During the same period last year, the company earned $1.25 EPS. The company's revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share 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.