Amalgamated Bank Reduces Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Amalgamated Bank decreased its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 2.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,170 shares of the company’s stock after selling 380 shares during the period. Amalgamated Bank’s holdings in SPX Technologies were worth $1,696,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in SPXC. Charles Schwab Investment Management Inc. boosted its stake in shares of SPX Technologies by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 625,361 shares of the company’s stock worth $91,003,000 after buying an additional 1,956 shares during the period. Arizona State Retirement System boosted its stake in shares of SPX Technologies by 0.9% during the fourth quarter. Arizona State Retirement System now owns 13,436 shares of the company’s stock worth $1,955,000 after buying an additional 123 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of SPX Technologies during the fourth quarter worth about $32,337,000. Amundi boosted its stake in shares of SPX Technologies by 106.8% during the fourth quarter. Amundi now owns 29,051 shares of the company’s stock worth $4,160,000 after buying an additional 15,006 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of SPX Technologies by 18.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,362 shares of the company’s stock worth $1,799,000 after buying an additional 1,957 shares during the period. Institutional investors and hedge funds own 92.82% of the company’s stock.

Insider Activity

In other news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the completion of the sale, the director directly owned 33,770 shares in the company, valued at approximately $5,167,147.70. This trade represents a 16.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.32% of the company’s stock.

SPX Technologies Price Performance

Shares of NYSE:SPXC opened at $173.03 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.88 and a debt-to-equity ratio of 0.60. The company has a market cap of $8.08 billion, a P/E ratio of 40.33, a PEG ratio of 1.52 and a beta of 1.24. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $183.83. The company has a 50-day moving average price of $155.16 and a 200 day moving average price of $145.53.

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPXC. UBS Group upgraded shares of SPX Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $160.00 to $182.00 in a research note on Monday, June 2nd. B. Riley began coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They issued a “buy” rating and a $195.00 price objective for the company. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $183.20.

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.