Pacer Advisors Inc. Grows Stake in SPX Technologies, Inc. (NYSE:SPXC)

Pacer Advisors Inc. grew its stake in shares of SPX Technologies, Inc. (NYSE:SPXCFree Report) by 80.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,951 shares of the company’s stock after purchasing an additional 868 shares during the quarter. Pacer Advisors Inc.’s holdings in SPX Technologies were worth $251,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SPXC. Cetera Investment Advisers purchased a new position in shares of SPX Technologies in the first quarter valued at $694,000. Y Intercept Hong Kong Ltd acquired a new position in SPX Technologies in the 1st quarter worth $349,000. Guidance Capital Inc. boosted its position in SPX Technologies by 17.0% in the 1st quarter. Guidance Capital Inc. now owns 3,536 shares of the company’s stock valued at $455,000 after buying an additional 513 shares during the last quarter. PFG Advisors boosted its position in SPX Technologies by 19.2% in the 1st quarter. PFG Advisors now owns 2,293 shares of the company’s stock valued at $295,000 after buying an additional 369 shares during the last quarter. Finally, Copperwynd Financial LLC acquired a new stake in shares of SPX Technologies during the first quarter valued at about $248,000. Hedge funds and other institutional investors own 92.82% of the company’s stock.

SPX Technologies Stock Up 7.7%

Shares of SPX Technologies stock opened at $196.43 on Friday. The business has a 50-day moving average price of $166.62 and a 200 day moving average price of $149.95. SPX Technologies, Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $198.75. The firm has a market cap of $9.18 billion, a P/E ratio of 44.14, a P/E/G ratio of 1.60 and a beta of 1.27. The company has a quick ratio of 1.24, a current ratio of 1.88 and a debt-to-equity ratio of 0.60.

SPX Technologies (NYSE:SPXCGet Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.45 by $0.20. The company had revenue of $552.40 million during the quarter, compared to analyst estimates of $546.03 million. SPX Technologies had a return on equity of 20.07% and a net margin of 10.27%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. On average, sell-side analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the stock in a transaction 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 sale, the director directly owned 33,770 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SPXC shares. UBS Group increased their price target on SPX Technologies from $182.00 to $210.00 and gave the company a “buy” rating in a report on Friday. Oppenheimer increased their target price on SPX Technologies from $170.00 to $197.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Finally, B. Riley initiated coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They set a “buy” rating and a $195.00 price target for the company. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SPX Technologies presently has a consensus rating of “Buy” and a consensus price target of $195.20.

Read Our Latest Research Report on SPX Technologies

About SPX Technologies

(Free Report)

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.

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Institutional Ownership by Quarter for SPX Technologies (NYSE:SPXC)

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