Russell Investments Group Ltd. Cuts Stake in SPX Technologies, Inc. (NYSE:SPXC)

Russell Investments Group Ltd. cut its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 12.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,830 shares of the company's stock after selling 8,216 shares during the period. Russell Investments Group Ltd. owned about 0.12% of SPX Technologies worth $8,124,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Allworth Financial LP raised its holdings in SPX Technologies by 123.3% in the 4th quarter. Allworth Financial LP now owns 163 shares of the company's stock valued at $25,000 after buying an additional 90 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of SPX Technologies during the fourth quarter valued at approximately $27,000. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of SPX Technologies by 2,055.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company's stock worth $28,000 after acquiring an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in SPX Technologies by 377.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after purchasing an additional 151 shares during the last quarter. Finally, Spire Wealth Management purchased a new stake in shares of SPX Technologies in the fourth quarter worth approximately $57,000. Institutional investors own 92.82% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on SPXC shares. 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 report on Wednesday, February 26th. UBS Group reduced their target price on shares of SPX Technologies from $164.00 to $160.00 and set a "neutral" rating for the company in a research report on Tuesday, January 7th. Finally, Sidoti upgraded SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $174.75.

SPX Technologies Price Performance

SPX Technologies stock traded up $0.25 during midday trading on Friday, reaching $128.21. 347,397 shares of the stock were exchanged, compared to its average volume of 279,026. The company's fifty day moving average is $136.53 and its 200-day moving average is $150.03. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $183.83. The firm has a market cap of $6.00 billion, a PE ratio of 34.46, a PEG ratio of 1.33 and a beta of 1.22.

About SPX Technologies

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.