Fred Alger Management LLC Raises Stock Position in SPX Technologies, Inc. (NYSE:SPXC)

Fred Alger Management LLC raised its stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 18.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 167,900 shares of the company's stock after acquiring an additional 26,187 shares during the period. Fred Alger Management LLC owned approximately 0.36% of SPX Technologies worth $24,433,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SPXC. Allworth Financial LP boosted its stake in shares of SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company's stock valued at $25,000 after purchasing an additional 90 shares during the period. Empowered Funds LLC purchased a new position in shares of SPX Technologies in the fourth quarter valued at approximately $27,000. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of SPX Technologies by 2,055.6% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company's stock valued at $28,000 after purchasing an additional 185 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of SPX Technologies by 377.5% in the fourth 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 period. Finally, Spire Wealth Management purchased a new position in shares of SPX Technologies in the fourth quarter valued at approximately $57,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

SPX Technologies Stock Down 0.3%

SPX Technologies stock traded down $0.51 during trading on Friday, reaching $148.85. The stock had a trading volume of 198,734 shares, compared to its average volume of 277,717. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $183.83. The business has a 50 day moving average price of $134.04 and a 200 day moving average price of $146.96. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. The stock has a market cap of $6.95 billion, a PE ratio of 40.01, a P/E/G ratio of 1.33 and a beta of 1.21.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share (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 company had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The firm's quarterly revenue was up 3.7% on a year-over-year basis. On average, analysts predict that SPX Technologies, Inc. will post 5.57 EPS for the current year.

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.