Channing Capital Management LLC Cuts Stock Position in SPX Technologies, Inc. $SPXC

Channing Capital Management LLC lessened its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 18.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 332,377 shares of the company’s stock after selling 75,835 shares during the period. Channing Capital Management LLC owned 0.67% of SPX Technologies worth $62,081,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Kennedy Capital Management LLC raised its holdings in shares of SPX Technologies by 271.0% during the 2nd quarter. Kennedy Capital Management LLC now owns 70,191 shares of the company’s stock worth $11,770,000 after acquiring an additional 51,273 shares during the period. Principal Financial Group Inc. raised its stake in shares of SPX Technologies by 11.2% in the 3rd quarter. Principal Financial Group Inc. now owns 550,863 shares of the company’s stock valued at $102,890,000 after acquiring an additional 55,482 shares during the period. Moody Aldrich Partners LLC lifted its stake in SPX Technologies by 18.8% during the third quarter. Moody Aldrich Partners LLC now owns 33,475 shares of the company’s stock worth $6,252,000 after purchasing an additional 5,290 shares in the last quarter. Emerald Advisers LLC lifted its stake in SPX Technologies by 13.6% during the 3rd quarter. Emerald Advisers LLC now owns 153,507 shares of the company’s stock worth $28,672,000 after acquiring an additional 18,403 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of SPX Technologies by 37.5% during the third quarter. Assenagon Asset Management S.A. now owns 231,673 shares of the company’s stock worth $43,272,000 after purchasing an additional 63,174 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Analyst Ratings Changes

SPXC has been the subject of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a report on Monday, December 29th. TD Cowen restated a “hold” rating on shares of SPX Technologies in a report on Tuesday, January 6th. Bank of America upgraded SPX Technologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $240.00 to $280.00 in a research note on Friday, February 13th. Truist Financial lifted their price objective on shares of SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Finally, Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a research note 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $225.29.

Insider Activity at SPX Technologies

In related news, insider J Randall Data sold 12,000 shares of SPX Technologies stock in a transaction that occurred on Thursday, December 11th. The stock was 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 in the company, valued at $8,188,367.40. The trade was a 23.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is owned by corporate insiders.

SPX Technologies Trading Up 0.5%

NYSE SPXC opened at $242.10 on Friday. The company has a quick ratio of 1.70, a current ratio of 2.47 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $12.07 billion, a P/E ratio of 51.84, a P/E/G ratio of 1.67 and a beta of 1.32. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $246.68. The firm has a 50-day moving average price of $215.95 and a 200 day moving average price of $203.80.

SPX Technologies 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.