Brown Advisory Inc. Cuts Stake in SPX Technologies, Inc. (NYSE:SPXC)

Brown Advisory Inc. trimmed its position in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 374,476 shares of the company's stock after selling 19,880 shares during the quarter. Brown Advisory Inc. owned 0.81% of SPX Technologies worth $54,494,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Baird Financial Group Inc. grew its position in shares of SPX Technologies by 19.5% in the fourth quarter. Baird Financial Group Inc. now owns 2,438 shares of the company's stock valued at $355,000 after purchasing an additional 397 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of SPX Technologies by 49.1% during the fourth quarter. Bank of America Corp DE now owns 131,335 shares of the company's stock worth $19,112,000 after purchasing an additional 43,279 shares during the period. BNP Paribas Financial Markets bought a new position in shares of SPX Technologies during the fourth quarter valued at approximately $1,321,000. Algert Global LLC boosted its stake in shares of SPX Technologies by 36.4% during the 4th quarter. Algert Global LLC now owns 16,463 shares of the company's stock valued at $2,396,000 after purchasing an additional 4,393 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of SPX Technologies during the 4th quarter worth approximately $279,000. Institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

SPXC traded up $2.16 during trading on Wednesday, reaching $150.57. 302,105 shares of the company's stock were exchanged, compared to its average volume of 278,049. The stock has a market capitalization of $7.04 billion, a P/E ratio of 40.48, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $183.83. The company's fifty day simple moving average is $133.60 and its 200-day simple moving average is $147.25. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $1.38 EPS for the quarter, topping 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%. 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 earned $1.25 earnings per share. The firm's revenue for the quarter was up 3.7% on a year-over-year basis. As a group, research analysts predict that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.