SPX Technologies, Inc. (NYSE:SPXC) Shares Sold by Arizona State Retirement System

Arizona State Retirement System trimmed its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 1.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 12,745 shares of the company’s stock after selling 221 shares during the period. Arizona State Retirement System’s holdings in SPX Technologies were worth $1,287,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Fairfield Bush & CO. acquired a new stake in shares of SPX Technologies during the 1st quarter valued at approximately $35,000. US Bancorp DE raised its position in shares of SPX Technologies by 4.2% during the 1st quarter. US Bancorp DE now owns 8,869 shares of the company’s stock valued at $438,000 after acquiring an additional 358 shares in the last quarter. HighTower Advisors LLC raised its position in shares of SPX Technologies by 7.1% during the 1st quarter. HighTower Advisors LLC now owns 4,367 shares of the company’s stock valued at $216,000 after acquiring an additional 290 shares in the last quarter. Citigroup Inc. raised its position in shares of SPX Technologies by 12.1% during the 1st quarter. Citigroup Inc. now owns 40,083 shares of the company’s stock valued at $1,981,000 after acquiring an additional 4,333 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of SPX Technologies by 31.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,499 shares of the company’s stock valued at $717,000 after acquiring an additional 3,432 shares in the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. StockNews.com lowered SPX Technologies from a “buy” rating to a “hold” rating in a research report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $134.00 target price (up from $124.00) on shares of SPX Technologies in a research note on Thursday, March 28th. Finally, UBS Group raised their target price on SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $130.00.

Insider Activity

In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the transaction, the chief executive officer now directly owns 597,936 shares of the company’s stock, valued at $69,049,649.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the transaction, the chief executive officer now directly owns 597,936 shares of the company’s stock, valued at $69,049,649.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now directly owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,373 shares of company stock valued at $10,962,146. Company insiders own 4.02% of the company’s stock.

SPX Technologies Stock Performance

SPXC stock opened at $120.76 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 62.90, a PEG ratio of 1.33 and a beta of 1.25. SPX Technologies, Inc. has a 1 year low of $61.09 and a 1 year high of $124.81. The stock’s fifty day moving average is $115.23 and its two-hundred day moving average is $99.12.

SPX Technologies (NYSE:SPXC) last posted its earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.25. The company had revenue of $469.40 million for the quarter, compared to analysts’ expectations of $481.98 million. SPX Technologies had a return on equity of 17.30% and a net margin of 5.16%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period last year, the business posted $1.17 earnings per share. On average, research analysts predict that SPX Technologies, Inc. will post 5.03 EPS for the current year.

SPX Technologies Company 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.