Lord Abbett & CO. LLC Sells 7,855 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Lord Abbett & CO. LLC reduced its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 218,302 shares of the company's stock after selling 7,855 shares during the period. Lord Abbett & CO. LLC owned 0.47% of SPX Technologies worth $31,768,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SPXC. Norges Bank acquired a new stake in shares of SPX Technologies during the 4th quarter worth $93,038,000. JPMorgan Chase & Co. increased its stake in shares of SPX Technologies by 666.7% in the third quarter. JPMorgan Chase & Co. now owns 590,552 shares of the company's stock worth $94,169,000 after buying an additional 513,526 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of SPX Technologies during the fourth quarter worth about $32,337,000. First Trust Advisors LP boosted its holdings in SPX Technologies by 54.5% in the fourth quarter. First Trust Advisors LP now owns 553,320 shares of the company's stock worth $80,519,000 after purchasing an additional 195,153 shares during the period. Finally, Conestoga Capital Advisors LLC boosted its stake 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 acquiring an additional 160,535 shares during the period. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on SPXC. Sidoti raised SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. UBS Group lowered their price target on shares of SPX Technologies from $164.00 to $160.00 and set a "neutral" rating on the stock in a report on Tuesday, January 7th. Finally, Oppenheimer upgraded shares of SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 target price for the company in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $174.75.

SPX Technologies Price Performance

Shares of NYSE SPXC traded up $10.07 during midday trading on Friday, reaching $146.74. 161,211 shares of the company traded hands, compared to its average volume of 279,009. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $183.83. The stock's 50-day simple moving average is $133.34 and its 200-day simple moving average is $147.84. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. The firm has a market cap of $6.86 billion, a PE ratio of 39.42, a PEG ratio of 1.33 and a beta of 1.22.

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

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.