Bank of America Corp DE Has $19.11 Million Stake in SPX Technologies, Inc. (NYSE:SPXC)

Bank of America Corp DE raised its stake in SPX Technologies, Inc. (NYSE:SPXC) by 49.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 131,335 shares of the company’s stock after purchasing an additional 43,279 shares during the quarter. Bank of America Corp DE owned 0.28% of SPX Technologies worth $19,112,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Private Advisor Group LLC raised its position in SPX Technologies by 1.0% in the 4th quarter. Private Advisor Group LLC now owns 6,921 shares of the company’s stock valued at $1,007,000 after buying an additional 68 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of SPX Technologies by 1.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,342 shares of the company’s stock valued at $632,000 after purchasing an additional 68 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of SPX Technologies by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 1,383 shares of the company’s stock valued at $201,000 after purchasing an additional 73 shares in the last quarter. Bank of Montreal Can boosted its holdings in SPX Technologies by 1.3% during the fourth quarter. Bank of Montreal Can now owns 6,316 shares of the company’s stock worth $919,000 after purchasing an additional 78 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in SPX Technologies by 2.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,386 shares of the company’s stock worth $493,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on SPXC. Oppenheimer raised shares of SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 target price on the stock in a research report on Wednesday, February 26th. Sidoti raised SPX Technologies from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 26th. Finally, B. Riley began coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a “buy” rating and a $195.00 price objective for the company. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $178.80.

SPX Technologies Trading Up 0.1%

Shares of SPXC stock opened at $156.17 on Tuesday. 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 firm has a market cap of $7.29 billion, a P/E ratio of 41.98, a PEG ratio of 1.33 and a beta of 1.21. The company has a 50 day moving average of $136.34 and a 200-day moving average of $147.02. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83.

SPX Technologies (NYSE:SPXC) last released its 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 return on equity of 19.70% and a net margin of 9.11%. The business had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. During the same period last year, the business posted $1.25 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. Sell-side analysts anticipate that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

SPX Technologies 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.