Principal Financial Group Inc. Has $18.12 Million Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Principal Financial Group Inc. cut its stake in SPX Technologies, Inc. (NYSE:SPXC – Get Rating) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 275,933 shares of the company’s stock after selling 2,618 shares during the period. Principal Financial Group Inc. owned approximately 0.61% of SPX Technologies worth $18,115,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPXC. Amalgamated Bank raised its holdings in shares of SPX Technologies by 0.7% during the 3rd quarter. Amalgamated Bank now owns 20,553 shares of the company’s stock worth $1,135,000 after buying an additional 145 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of SPX Technologies by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 31,465 shares of the company’s stock worth $2,065,000 after buying an additional 145 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of SPX Technologies by 4.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,189 shares of the company’s stock worth $275,000 after buying an additional 183 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of SPX Technologies by 0.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 39,156 shares of the company’s stock worth $1,982,000 after buying an additional 232 shares in the last quarter. Finally, Synovus Financial Corp raised its holdings in shares of SPX Technologies by 1.9% during the 4th quarter. Synovus Financial Corp now owns 12,797 shares of the company’s stock worth $840,000 after buying an additional 233 shares in the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider J Randall Data sold 12,500 shares of the stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $70.22, for a total value of $877,750.00. Following the completion of the sale, the insider now owns 79,624 shares of the company’s stock, valued at $5,591,197.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider J Randall Data sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $70.22, for a total transaction of $877,750.00. Following the completion of the sale, the insider now owns 79,624 shares of the company’s stock, valued at $5,591,197.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Webster Nurkin sold 11,131 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $71.46, for a total value of $795,421.26. Following the sale, the vice president now directly owns 88,196 shares of the company’s stock, valued at approximately $6,302,486.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,095 shares of company stock valued at $4,929,340. Company insiders own 4.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. William Blair assumed coverage on SPX Technologies in a report on Monday, April 17th. They set an “outperform” rating for the company. StockNews.com assumed coverage on SPX Technologies in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Oppenheimer increased their target price on SPX Technologies from $82.00 to $85.00 in a research report on Friday, May 5th. Finally, TheStreet downgraded SPX Technologies from a “b-” rating to a “c” rating in a research report on Wednesday, April 26th.

SPX Technologies Price Performance

SPX Technologies stock opened at $78.05 on Tuesday. The company has a current ratio of 2.08, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $3.55 billion, a PE ratio of 116.49, a P/E/G ratio of 1.12 and a beta of 1.24. SPX Technologies, Inc. has a 12 month low of $47.01 and a 12 month high of $80.00. The stock has a 50-day moving average price of $68.81 and a two-hundred day moving average price of $69.54.

SPX Technologies (NYSE:SPXC – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.33. The company had revenue of $399.80 million during the quarter, compared to analysts’ expectations of $329.78 million. SPX Technologies had a return on equity of 15.33% and a net margin of 2.03%. The business’s quarterly revenue was up 30.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 earnings per share. Analysts expect that SPX Technologies, Inc. will post 3.92 EPS for the current year.

About SPX Technologies

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SPX Technologies, Inc engages in the supply of infrastructure equipment. It operates through the HVAC and Detection and Measurement segments. The HVAC segment engineers, designs, manufactures, installs, and services cooling products and engineered air quality solutions to the HVAC and industrial markets, as well as heating and ventilation products for the residential and commercial markets.