Port Capital LLC Boosts Position in SPX Technologies, Inc. (NYSE:SPXC)

Port Capital LLC raised its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 17.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 374,251 shares of the company's stock after acquiring an additional 54,367 shares during the period. SPX Technologies makes up about 2.5% of Port Capital LLC's portfolio, making the stock its 17th biggest position. Port Capital LLC owned about 0.81% of SPX Technologies worth $54,461,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Norges Bank purchased a new stake in SPX Technologies in the 4th quarter worth approximately $93,038,000. Raymond James Financial Inc. acquired a new position in SPX Technologies in the 4th quarter worth about $32,337,000. First Trust Advisors LP boosted its position in SPX Technologies by 54.5% during 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 in the last quarter. Conestoga Capital Advisors LLC grew its holdings 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 purchasing an additional 160,535 shares during the period. Finally, Franklin Resources Inc. grew its holdings 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 purchasing an additional 157,981 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Price Performance

SPXC stock traded down $1.23 during midday trading on Tuesday, reaching $155.03. The stock had a trading volume of 25,982 shares, compared to its average volume of 307,668. 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 company's fifty day simple moving average is $136.34 and its 200 day simple moving average is $147.02. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 41.67, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $481.32 million. During the same period last year, the firm posted $1.25 earnings per share. 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.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Sidoti raised SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. B. Riley began coverage on shares of 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 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 report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, SPX Technologies has an average rating of "Buy" and an average target price of $178.80.

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.