Bessemer Group Inc. Purchases 6,346 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Bessemer Group Inc. lifted its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 1,544.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,757 shares of the company’s stock after purchasing an additional 6,346 shares during the quarter. Bessemer Group Inc.’s holdings in SPX Technologies were worth $870,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. NBC Securities Inc. bought a new stake in SPX Technologies in the first quarter worth $27,000. Skandinaviska Enskilda Banken AB publ boosted its holdings in SPX Technologies by 2,055.6% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock worth $28,000 after acquiring an additional 185 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in SPX Technologies by 377.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock worth $29,000 after acquiring an additional 151 shares in the last quarter. Covestor Ltd boosted its holdings in SPX Technologies by 313.8% in the fourth quarter. Covestor Ltd now owns 389 shares of the company’s stock worth $57,000 after acquiring an additional 295 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in SPX Technologies by 18.5% in the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company’s stock worth $83,000 after acquiring an additional 98 shares in the last quarter. 92.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on SPXC. UBS Group raised SPX Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $160.00 to $182.00 in a report on Monday, June 2nd. B. Riley began coverage on SPX Technologies in a report on Thursday, May 15th. They issued a “buy” rating and a $195.00 target price on the stock. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, SPX Technologies has a consensus rating of “Buy” and an average target price of $183.20.

SPX Technologies Stock Up 0.4%

SPXC stock opened at $167.83 on Tuesday. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $183.83. The business has a fifty day moving average price of $151.87 and a 200-day moving average price of $144.90. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.88 and a quick ratio of 1.24. The stock has a market capitalization of $7.84 billion, a P/E ratio of 39.12, a P/E/G ratio of 1.47 and a beta of 1.23.

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

Insider Buying and Selling at SPX Technologies

In other news, Director Rick D. Puckett sold 6,823 shares of the business’s stock in a transaction on Thursday, May 29th. The stock was 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 owned 33,770 shares in the company, valued at $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is owned by corporate insiders.

About SPX Technologies

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.