SPX Technologies, Inc. $SPXC Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in SPX Technologies, Inc. (NYSE:SPXC) by 10.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 570,500 shares of the company’s stock after selling 65,904 shares during the period. JPMorgan Chase & Co. owned about 1.14% of SPX Technologies worth $106,558,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPXC. Invesco Ltd. grew its stake in shares of SPX Technologies by 22.3% in the second quarter. Invesco Ltd. now owns 1,157,177 shares of the company’s stock valued at $194,035,000 after buying an additional 210,682 shares in the last quarter. Geode Capital Management LLC boosted its holdings in SPX Technologies by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,086,522 shares of the company’s stock valued at $182,211,000 after acquiring an additional 17,735 shares during the period. Charles Schwab Investment Management Inc. grew its position in SPX Technologies by 2.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 650,803 shares of the company’s stock valued at $109,127,000 after acquiring an additional 14,941 shares in the last quarter. Norges Bank purchased a new stake in SPX Technologies during the second quarter worth about $97,223,000. Finally, Principal Financial Group Inc. lifted its position in shares of SPX Technologies by 11.2% during the third quarter. Principal Financial Group Inc. now owns 550,863 shares of the company’s stock worth $102,890,000 after purchasing an additional 55,482 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on SPXC. Wall Street Zen raised shares of SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. TD Cowen restated a “hold” rating on shares of SPX Technologies in a research note on Tuesday, January 6th. Bank of America upgraded SPX Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $240.00 to $280.00 in a research note on Friday, February 13th. B. Riley Financial reissued a “buy” rating and set a $244.00 target price (up from $225.00) on shares of SPX Technologies in a research note on Wednesday, December 10th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of SPX Technologies in a research report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $225.29.

SPX Technologies Stock Performance

NYSE:SPXC opened at $242.10 on Monday. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $246.68. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.47 and a quick ratio of 1.70. The firm has a market capitalization of $12.07 billion, a PE ratio of 51.84, a price-to-earnings-growth ratio of 1.67 and a beta of 1.32. The business’s fifty day moving average price is $215.95 and its 200 day moving average price is $203.80.

Insider Activity at SPX Technologies

In other news, insider J Randall Data sold 12,000 shares of the stock in a transaction dated 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 transaction, the insider owned 38,020 shares in the company, valued at approximately $8,188,367.40. This represents a 23.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.32% of the company’s stock.

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.