Cim LLC Sells 877 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Cim LLC cut its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 30.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,979 shares of the company’s stock after selling 877 shares during the quarter. Cim LLC’s holdings in SPX Technologies were worth $289,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of SPX Technologies by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 5,173,939 shares of the company’s stock worth $637,067,000 after acquiring an additional 173,021 shares in the last quarter. Earnest Partners LLC boosted its stake in SPX Technologies by 3.3% in the second quarter. Earnest Partners LLC now owns 1,066,426 shares of the company’s stock worth $151,582,000 after purchasing an additional 33,675 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of SPX Technologies by 17.4% during the second quarter. Principal Financial Group Inc. now owns 520,416 shares of the company’s stock worth $73,972,000 after purchasing an additional 77,008 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of SPX Technologies by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 397,605 shares of the company’s stock valued at $56,516,000 after buying an additional 8,931 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of SPX Technologies by 160.6% in the first quarter. Nordea Investment Management AB now owns 382,490 shares of the company’s stock valued at $47,069,000 after buying an additional 235,720 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Oppenheimer lowered shares of SPX Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, July 18th.

SPX Technologies Stock Performance

Shares of SPX Technologies stock opened at $159.61 on Thursday. The firm has a 50 day simple moving average of $152.32 and a 200 day simple moving average of $140.42. SPX Technologies, Inc. has a fifty-two week low of $77.84 and a fifty-two week high of $165.13. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.28 and a quick ratio of 0.81. The firm has a market cap of $7.38 billion, a P/E ratio of 77.86, a P/E/G ratio of 1.60 and a beta of 1.22.

SPX Technologies (NYSE:SPXC) last released its 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 return on equity of 19.20% and a net margin of 5.53%. The company had revenue of $501.30 million during the quarter, compared to the consensus estimate of $492.08 million. During the same quarter in the previous year, the company posted $1.06 earnings per share. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. Sell-side analysts predict that SPX Technologies, Inc. will post 5.54 earnings per share for the current fiscal year.

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.