Gallo Partners LP Buys Shares of 16,631 SPX Technologies, Inc. (NYSE:SPXC)

Gallo Partners LP bought a new stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 16,631 shares of the company's stock, valued at approximately $2,420,000. SPX Technologies comprises approximately 1.8% of Gallo Partners LP's holdings, making the stock its 21st biggest holding.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of SPX Technologies by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 5,031,289 shares of the company's stock worth $732,153,000 after acquiring an additional 89,770 shares during the last quarter. Invesco Ltd. boosted its position in shares of SPX Technologies by 3.4% during the fourth quarter. Invesco Ltd. now owns 1,150,781 shares of the company's stock worth $167,462,000 after buying an additional 37,468 shares during the period. Conestoga Capital Advisors LLC grew its stake in shares of 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 in the last quarter. FMR LLC raised its holdings in shares of SPX Technologies by 8.5% in the 4th quarter. FMR LLC now owns 718,298 shares of the company's stock valued at $104,527,000 after buying an additional 56,175 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in SPX Technologies by 16.1% during the 4th quarter. JPMorgan Chase & Co. now owns 685,445 shares of the company's stock worth $99,746,000 after acquiring an additional 94,893 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Up 1.9 %

Shares of NYSE SPXC traded up $2.70 during midday trading on Monday, hitting $147.43. 70,349 shares of the company's stock were exchanged, compared to its average volume of 277,567. The firm's fifty day simple moving average is $133.51 and its 200-day simple moving average is $147.34. The company has a market cap of $6.90 billion, a PE ratio of 39.61, a P/E/G ratio of 1.33 and a beta of 1.21. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $183.83. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SPXC. Sidoti upgraded shares of SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. Oppenheimer raised shares of SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price target for the company in a research report on Wednesday, February 26th. Finally, UBS Group cut their price objective on SPX Technologies from $164.00 to $160.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.75.

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.