SPX Technologies, Inc. (NYSE:SPXC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 11.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 301,726 shares of the company’s stock after selling 40,743 shares during the quarter. Bank of New York Mellon Corp owned 0.65% of SPX Technologies worth $38,856,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in SPX Technologies in the 1st quarter valued at about $27,000. Skandinaviska Enskilda Banken AB publ grew its stake in SPX Technologies by 2,055.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock valued at $28,000 after acquiring an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in SPX Technologies by 377.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock valued at $29,000 after acquiring an additional 151 shares during the last quarter. Covestor Ltd grew its stake in SPX Technologies by 313.8% in the 4th quarter. Covestor Ltd now owns 389 shares of the company’s stock valued at $57,000 after acquiring an additional 295 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in SPX Technologies by 18.5% in the 1st quarter. Farther Finance Advisors LLC now owns 628 shares of the company’s stock valued at $83,000 after acquiring an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on SPXC. UBS Group raised shares of SPX Technologies from a “neutral” rating to a “buy” rating and raised their price target 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 note on Thursday, May 15th. They set a “buy” rating and a $195.00 price target on the stock. Finally, Oppenheimer raised their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. 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, the company has a consensus rating of “Buy” and a consensus price target of $189.60.

Insiders Place Their Bets

In other SPX Technologies 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 transaction, the director directly owned 33,770 shares of the company’s stock, valued at $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.32% of the stock is currently owned by company insiders.

SPX Technologies Price Performance

SPXC opened at $174.39 on Tuesday. The stock has a market capitalization of $8.15 billion, a PE ratio of 40.65, a P/E/G ratio of 1.51 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24 and a current ratio of 1.88. SPX Technologies, Inc. has a 1 year low of $115.00 and a 1 year high of $183.83. The company’s 50 day simple moving average is $159.22 and its 200 day simple moving average is $146.62.

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