Northern Trust Corp Acquires 56,221 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Northern Trust Corp increased its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 11.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 538,501 shares of the company's stock after purchasing an additional 56,221 shares during the quarter. Northern Trust Corp owned approximately 1.16% of SPX Technologies worth $78,363,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of SPX Technologies in the 4th quarter valued at about $93,038,000. Raymond James Financial Inc. bought a new position in shares of SPX Technologies in the 4th quarter valued at about $32,337,000. First Trust Advisors LP boosted its stake in shares of SPX Technologies by 54.5% in the 4th quarter. First Trust Advisors LP now owns 553,320 shares of the company's stock valued at $80,519,000 after purchasing an additional 195,153 shares during the last quarter. Conestoga Capital Advisors LLC boosted its stake in shares of SPX Technologies by 25.6% in the 4th quarter. Conestoga Capital Advisors LLC now owns 787,795 shares of the company's stock valued at $114,640,000 after purchasing an additional 160,535 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of SPX Technologies by 1,260.7% in the 4th quarter. Franklin Resources Inc. now owns 170,512 shares of the company's stock valued at $24,813,000 after purchasing an additional 157,981 shares during the last quarter. Institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Down 0.3%

Shares of NYSE SPXC traded down $0.51 during midday trading on Friday, reaching $148.85. The company's stock had a trading volume of 198,734 shares, compared to its average volume of 277,717. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 40.01, a PEG ratio of 1.33 and a beta of 1.21. SPX Technologies, Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $183.83. The stock has a 50 day simple moving average of $134.04 and a 200-day simple moving average of $146.96. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $1.38 EPS 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 firm had revenue of $482.60 million during the quarter, compared to analysts' expectations of $481.32 million. During the same period in the previous year, the business posted $1.25 earnings per share. The company's revenue for the quarter was up 3.7% compared to the same quarter last year. Equities research analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on SPXC shares. Oppenheimer raised shares of SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price objective on the stock in a research note on Wednesday, February 26th. Sidoti raised shares of SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $174.75.

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.