Advisors Asset Management Inc. Boosts Holdings in SPX Technologies, Inc. $SPXC

Advisors Asset Management Inc. lifted its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 15.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,386 shares of the company’s stock after acquiring an additional 2,620 shares during the period. Advisors Asset Management Inc.’s holdings in SPX Technologies were worth $3,621,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SPXC. Oppenheimer Asset Management Inc. increased its position in SPX Technologies by 29.8% during the third quarter. Oppenheimer Asset Management Inc. now owns 19,999 shares of the company’s stock worth $3,735,000 after purchasing an additional 4,592 shares during the last quarter. New York Life Investment Management LLC acquired a new stake in shares of SPX Technologies during the 3rd quarter worth $852,000. AdvisorShares Investments LLC increased its holdings in shares of SPX Technologies by 155.4% during the 3rd quarter. AdvisorShares Investments LLC now owns 355 shares of the company’s stock worth $66,000 after buying an additional 216 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of SPX Technologies by 16.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 858 shares of the company’s stock worth $158,000 after buying an additional 120 shares during the period. Finally, MONECO Advisors LLC acquired a new position in SPX Technologies in the third quarter valued at $202,000. 92.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider J Randall Data sold 12,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total value of $2,584,440.00. Following the sale, the insider directly owned 38,020 shares of the company’s stock, valued at $8,188,367.40. This represents a 23.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John William Swann III sold 38,755 shares of the stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total transaction of $7,986,242.85. Following the transaction, the insider owned 64,266 shares in the company, valued at $13,243,294.62. This trade represents a 37.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SPXC has been the subject of several research analyst reports. Bank of America upgraded SPX Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $240.00 to $280.00 in a research note on Friday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SPX Technologies in a research note on Monday, December 29th. Truist Financial increased their target price on shares of SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. TD Cowen restated a “hold” rating on shares of SPX Technologies in a report on Tuesday, January 6th. Finally, Wall Street Zen raised shares of SPX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $225.29.

SPX Technologies Trading Up 3.5%

Shares of SPXC opened at $238.93 on Friday. SPX Technologies, Inc. has a one year low of $115.00 and a one year high of $242.21. The stock has a 50-day moving average price of $213.41 and a 200 day moving average price of $201.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.70 and a current ratio of 2.47. The company has a market capitalization of $11.91 billion, a P/E ratio of 51.16, a P/E/G ratio of 1.93 and a beta of 1.32.

SPX Technologies Company Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.