First Horizon Advisors Inc. Sells 72 Shares of SPX Technologies, Inc. (NYSE:SPXC)

First Horizon Advisors Inc. lessened its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 18.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 327 shares of the company’s stock after selling 72 shares during the period. First Horizon Advisors Inc.’s holdings in SPX Technologies were worth $46,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SPXC. Norges Bank bought a new position in SPX Technologies in the 4th quarter worth about $48,528,000. Brown Advisory Inc. increased its holdings in SPX Technologies by 416.7% in the 4th quarter. Brown Advisory Inc. now owns 435,596 shares of the company’s stock worth $44,000,000 after acquiring an additional 351,289 shares in the last quarter. Capital World Investors purchased a new stake in SPX Technologies in the 4th quarter worth approximately $29,121,000. Nordea Investment Management AB increased its holdings in SPX Technologies by 160.6% in the 1st quarter. Nordea Investment Management AB now owns 382,490 shares of the company’s stock worth $47,069,000 after acquiring an additional 235,720 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in SPX Technologies by 86.8% in the 1st quarter. Principal Financial Group Inc. now owns 443,408 shares of the company’s stock worth $54,597,000 after purchasing an additional 206,054 shares during the period. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Stock Up 1.7 %

NYSE SPXC opened at $154.81 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.28. The company has a market capitalization of $7.17 billion, a P/E ratio of 75.52, a P/E/G ratio of 1.53 and a beta of 1.20. SPX Technologies, Inc. has a one year low of $76.61 and a one year high of $164.91. The stock has a 50 day moving average price of $146.42 and a 200-day moving average price of $131.28.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.17. SPX Technologies had a return on equity of 19.20% and a net margin of 5.53%. The company had revenue of $501.30 million for the quarter, compared to analyst estimates of $492.08 million. During the same quarter in the prior year, the firm posted $1.06 EPS. SPX Technologies’s quarterly revenue was up 18.4% compared to the same quarter last year. As a group, equities analysts predict that SPX Technologies, Inc. will post 5.54 EPS for the current fiscal year.

Insider Activity at SPX Technologies

In related news, insider J Randall Data sold 39,412 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $143.89, for a total transaction of $5,670,992.68. Following the sale, the insider now owns 52,657 shares in the company, valued at approximately $7,576,815.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SPXC has been the subject of several recent analyst reports. StockNews.com downgraded SPX Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 11th. Oppenheimer downgraded SPX Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 18th. UBS Group increased their target price on SPX Technologies from $126.00 to $142.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Finally, William Blair reiterated an “outperform” rating on shares of SPX Technologies in a research report on Friday, May 3rd.

SPX Technologies 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.