Handelsbanken Fonder AB Increases Position in SPX Technologies, Inc. (NYSE:SPXC)

Handelsbanken Fonder AB increased its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 30.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 9,409 shares of the company’s stock after acquiring an additional 2,200 shares during the period. Handelsbanken Fonder AB’s holdings in SPX Technologies were worth $950,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Knights of Columbus Asset Advisors LLC grew its holdings in shares of SPX Technologies by 240.3% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 59,531 shares of the company’s stock worth $6,013,000 after acquiring an additional 42,039 shares during the period. Raymond James & Associates increased its position in shares of SPX Technologies by 153.2% in the fourth quarter. Raymond James & Associates now owns 24,895 shares of the company’s stock valued at $2,515,000 after buying an additional 15,063 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of SPX Technologies during the 4th quarter worth $2,303,000. FMR LLC boosted its position in shares of SPX Technologies by 23.0% in the 3rd quarter. FMR LLC now owns 1,338,942 shares of the company’s stock worth $108,990,000 after buying an additional 250,494 shares in the last quarter. Finally, Sei Investments Co. grew its stake in SPX Technologies by 16.7% in the 3rd quarter. Sei Investments Co. now owns 162,586 shares of the company’s stock valued at $13,235,000 after acquiring an additional 23,287 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group upped their price target on shares of SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a report on Wednesday, March 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $134.00 target price (up previously from $124.00) on shares of SPX Technologies in a research note on Thursday, March 28th. Finally, StockNews.com cut SPX Technologies from a “buy” rating to a “hold” rating in a report on Friday, March 15th.

Insider Transactions at SPX Technologies

In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 667,045 shares in the company, valued at $76,936,970.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $115.34, for a total value of $4,036,900.00. Following the transaction, the chief executive officer now directly owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the sale, the insider now directly 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. Insiders have sold a total of 94,373 shares of company stock worth $10,962,146 in the last three months. Company insiders own 3.53% of the company’s stock.

SPX Technologies Stock Performance

NYSE:SPXC opened at $121.52 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08. The firm has a market cap of $5.62 billion, a PE ratio of 63.29, a P/E/G ratio of 1.34 and a beta of 1.25. The firm has a 50 day simple moving average of $117.58 and a 200-day simple moving average of $101.76. SPX Technologies, Inc. has a 1-year low of $61.09 and a 1-year high of $124.81.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $1.25 EPS for the quarter, meeting analysts’ consensus estimates of $1.25. SPX Technologies had a return on equity of 17.30% and a net margin of 5.16%. The business had revenue of $469.40 million during the quarter, compared to the consensus estimate of $481.98 million. During the same quarter in the previous year, the business earned $1.17 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, equities analysts expect that SPX Technologies, Inc. will post 5.05 EPS for the current 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.