Fifth Third Bancorp Cuts Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Fifth Third Bancorp trimmed its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 4.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,764 shares of the company’s stock after selling 189 shares during the quarter. Fifth Third Bancorp’s holdings in SPX Technologies were worth $485,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SPXC. Allworth Financial LP boosted its holdings in SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company’s stock worth $25,000 after acquiring an additional 90 shares in the last quarter. Empowered Funds LLC acquired a new stake in SPX Technologies in the fourth quarter worth about $27,000. NBC Securities Inc. acquired a new stake in SPX Technologies in the first quarter worth about $27,000. Skandinaviska Enskilda Banken AB publ grew its holdings 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 last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings 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 valued at $29,000 after buying an additional 151 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the company’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $153.01, for a total value of $1,043,987.23. Following the completion of the transaction, the director now owns 33,770 shares in the company, valued at approximately $5,167,147.70. This represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.32% of the company’s stock.

SPX Technologies Price Performance

NYSE:SPXC opened at $155.15 on Wednesday. SPX Technologies, Inc. has a one year low of $115.00 and a one year high of $183.83. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24 and a current ratio of 1.88. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of 36.17, a PEG ratio of 1.36 and a beta of 1.23. The firm’s fifty day moving average is $146.19 and its two-hundred day moving average is $145.27.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.16 by $0.22. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. The company had revenue of $482.60 million for the quarter, compared to analyst estimates of $481.32 million. During the same period in the prior year, the company earned $1.25 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. Research analysts expect that SPX Technologies, Inc. will post 5.57 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. B. Riley assumed coverage on shares of SPX Technologies in a report on Thursday, May 15th. They set a “buy” rating and a $195.00 price objective on the stock. Oppenheimer raised shares of SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price objective on the stock in a report on Wednesday, February 26th. UBS Group raised shares of SPX Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $160.00 to $182.00 in a report on Monday, June 2nd. Finally, Sidoti raised shares of SPX Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, February 26th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $183.20.

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.