Louisiana State Employees Retirement System Raises Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Louisiana State Employees Retirement System increased its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 3.1% during the second quarter, HoldingsChannel reports. The firm owned 23,300 shares of the company’s stock after buying an additional 700 shares during the period. Louisiana State Employees Retirement System’s holdings in SPX Technologies were worth $3,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in SPX Technologies by 3.5% in the first quarter. Vanguard Group Inc. now owns 5,173,939 shares of the company’s stock valued at $637,067,000 after acquiring an additional 173,021 shares during the period. Artisan Partners Limited Partnership lifted its position in SPX Technologies by 15.2% during the fourth quarter. Artisan Partners Limited Partnership now owns 809,824 shares of the company’s stock valued at $81,800,000 after purchasing an additional 106,798 shares in the last quarter. Norges Bank bought a new stake in SPX Technologies during the fourth quarter valued at about $48,528,000. Charles Schwab Investment Management Inc. raised its stake in shares of SPX Technologies by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 456,819 shares of the company’s stock worth $46,143,000 after buying an additional 11,882 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of SPX Technologies by 86.8% during the 1st quarter. Principal Financial Group Inc. now owns 443,408 shares of the company’s stock valued at $54,597,000 after buying an additional 206,054 shares in the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SPXC. William Blair restated an “outperform” rating on shares of SPX Technologies in a research note on Friday, May 3rd. UBS Group upped their target price on shares of SPX Technologies from $126.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Oppenheimer cut SPX Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, July 18th. Finally, StockNews.com lowered SPX Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 11th.

SPX Technologies Stock Performance

Shares of NYSE SPXC opened at $157.88 on Friday. SPX Technologies, Inc. has a 52-week low of $76.61 and a 52-week high of $164.91. 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 firm’s fifty day moving average is $147.19 and its two-hundred day moving average is $131.82. The company has a market cap of $7.31 billion, a P/E ratio of 77.02, a P/E/G ratio of 1.53 and a beta of 1.20.

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. The business had revenue of $501.30 million during the quarter, compared to analysts’ expectations of $492.08 million. SPX Technologies had a return on equity of 19.20% and a net margin of 5.53%. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.06 EPS. As a group, analysts anticipate that SPX Technologies, Inc. will post 5.54 EPS for the current fiscal year.

Insider Activity at SPX Technologies

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

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.