Allspring Global Investments Holdings LLC Sells 195,962 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Allspring Global Investments Holdings LLC trimmed its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 40.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 286,055 shares of the company’s stock after selling 195,962 shares during the period. Allspring Global Investments Holdings LLC owned about 0.63% of SPX Technologies worth $28,894,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in SPXC. Norges Bank bought a new position in shares of SPX Technologies in the fourth quarter valued at $28,629,000. Artisan Partners Limited Partnership lifted its stake in shares of SPX Technologies by 74.9% in the third quarter. Artisan Partners Limited Partnership now owns 703,026 shares of the company’s stock valued at $57,226,000 after buying an additional 301,084 shares in the last quarter. FMR LLC lifted its position in shares of SPX Technologies by 23.0% during the third quarter. FMR LLC now owns 1,338,942 shares of the company’s stock valued at $108,990,000 after purchasing an additional 250,494 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of SPX Technologies by 11.7% during the third quarter. Ameriprise Financial Inc. now owns 1,579,646 shares of the company’s stock valued at $128,583,000 after purchasing an additional 165,544 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its position in shares of SPX Technologies by 3.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,265,310 shares of the company’s stock valued at $280,018,000 after purchasing an additional 160,366 shares in the last quarter. 92.82% of the stock is owned by institutional investors.

SPX Technologies Stock Performance

NYSE SPXC opened at $120.76 on Friday. SPX Technologies, Inc. has a 52-week low of $61.09 and a 52-week high of $124.81. The company has a 50-day simple moving average of $115.23 and a 200 day simple moving average of $99.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The company has a market capitalization of $5.59 billion, a PE ratio of 62.90, a price-to-earnings-growth ratio of 1.33 and a beta of 1.25.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data on Thursday, February 22nd. The company reported $1.25 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.25. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The business had revenue of $469.40 million during the quarter, compared to the consensus estimate of $481.98 million. During the same quarter last year, the company posted $1.17 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, research analysts predict that SPX Technologies, Inc. will post 5.03 EPS for the current year.

Insider Buying and Selling

In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the transaction, the chief executive officer now owns 667,045 shares in the company, valued at $76,936,970.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the transaction, the chief executive officer now owns 667,045 shares in the company, valued at $76,936,970.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the completion of the transaction, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,373 shares of company stock worth $10,962,146. Insiders own 4.02% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SPXC shares. StockNews.com lowered shares of SPX Technologies from a “buy” rating to a “hold” rating in a research report on Friday, March 15th. UBS Group raised their price target on shares of SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a research report on Wednesday, March 27th. Finally, Oppenheimer reissued an “outperform” rating and set a $134.00 price target (up from $124.00) on shares of SPX Technologies in a research report on Thursday, March 28th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $130.00.

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.