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

Fred Alger Management LLC grew its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 18.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,900 shares of the company's stock after purchasing an additional 26,187 shares during the quarter. Fred Alger Management LLC owned about 0.36% of SPX Technologies worth $24,433,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SPXC. Oppenheimer raised SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price objective for the company in a research report on Wednesday, February 26th. Sidoti upgraded shares of SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th.

SPX Technologies Price Performance

SPXC traded down $2.21 during midday trading on Wednesday, hitting $154.85. 51,776 shares of the company traded hands, compared to its average volume of 277,007. 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 business has a 50 day simple moving average of $134.68 and a two-hundred day simple moving average of $147.01. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of 41.63, a PEG ratio of 1.33 and a beta of 1.21. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $183.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.22. The firm had revenue of $482.60 million for the quarter, compared to analysts' expectations of $481.32 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The company's revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 EPS. On average, equities analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

SPX Technologies Company 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.