Wealth Enhancement Advisory Services LLC Raises Stock Position in SPX Technologies, Inc. (NYSE:SPXC)

Wealth Enhancement Advisory Services LLC raised its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 113.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,500 shares of the company’s stock after purchasing an additional 1,858 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in SPX Technologies were worth $497,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of SPX Technologies in the 4th quarter valued at about $48,528,000. Brown Advisory Inc. lifted its holdings in SPX Technologies by 416.7% in the fourth quarter. Brown Advisory Inc. now owns 435,596 shares of the company’s stock valued at $44,000,000 after acquiring an additional 351,289 shares during the period. 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 shares of SPX Technologies by 160.6% during the 1st quarter. Nordea Investment Management AB now owns 382,490 shares of the company’s stock valued at $47,069,000 after purchasing an additional 235,720 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in SPX Technologies by 86.8% during the first quarter. Principal Financial Group Inc. now owns 443,408 shares of the company’s stock worth $54,597,000 after buying an additional 206,054 shares in the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

SPX Technologies Price Performance

SPX Technologies stock opened at $157.88 on Friday. The company has a fifty day simple moving average of $147.19 and a 200-day simple moving average of $131.82. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 77.02, a PEG ratio of 1.53 and a beta of 1.20. The company has a quick ratio of 0.81, a current ratio of 1.28 and a debt-to-equity ratio of 0.40. SPX Technologies, Inc. has a 52-week low of $76.61 and a 52-week high of $164.91.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. William Blair reissued an “outperform” rating on shares of SPX Technologies in a report on Friday, May 3rd. UBS Group boosted their target price on shares of SPX Technologies from $126.00 to $142.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Oppenheimer lowered shares of SPX Technologies from an “outperform” rating to a “market perform” rating in a research note 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.

Insider Activity at SPX Technologies

In other news, insider J Randall Data sold 39,412 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $143.89, for a total transaction of $5,670,992.68. Following the transaction, the insider now 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 SEC, which is available at this hyperlink. Insiders own 3.53% of the company’s stock.

About SPX Technologies

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.