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

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

Other large investors have also recently added to or reduced their stakes in the company. Oberweis Asset Management Inc. lifted its stake in SPX Technologies by 22.0% in the 4th quarter. Oberweis Asset Management Inc. now owns 75,400 shares of the company's stock valued at $10,972,000 after acquiring an additional 13,600 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in SPX Technologies by 61.4% during the fourth quarter. Hsbc Holdings PLC now owns 11,112 shares of the company's stock worth $1,620,000 after purchasing an additional 4,229 shares during the last quarter. TD Waterhouse Canada Inc. grew its position in SPX Technologies by 3.5% in the fourth quarter. TD Waterhouse Canada Inc. now owns 69,214 shares of the company's stock valued at $10,073,000 after purchasing an additional 2,354 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in SPX Technologies by 16.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,910 shares of the company's stock valued at $569,000 after buying an additional 546 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of SPX Technologies by 6.0% in the fourth quarter. MetLife Investment Management LLC now owns 27,069 shares of the company's stock valued at $3,939,000 after acquiring an additional 1,531 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Price Performance

NYSE:SPXC traded up $2.28 on Thursday, hitting $136.43. The company had a trading volume of 278,014 shares, compared to its average volume of 279,257. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $183.83. 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 stock has a market capitalization of $6.38 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 1.33 and a beta of 1.22. The firm has a 50 day moving average of $133.28 and a two-hundred day moving average of $148.07.

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, beating the consensus estimate of $1.16 by $0.22. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. On average, research analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPXC has been the subject of several recent analyst reports. UBS Group cut their price objective on SPX Technologies from $164.00 to $160.00 and set a "neutral" rating for the company in a report on Tuesday, January 7th. Sidoti upgraded SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. Finally, Oppenheimer raised SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 target price on the stock in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, SPX Technologies has an average rating of "Moderate Buy" and an average 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.