Allspring Global Investments Holdings LLC Sells 95,712 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Allspring Global Investments Holdings LLC trimmed its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 62.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 58,073 shares of the company’s stock after selling 95,712 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SPX Technologies were worth $9,260,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPXC. Evergreen Capital Management LLC increased its position in SPX Technologies by 4.3% in the 2nd quarter. Evergreen Capital Management LLC now owns 3,538 shares of the company’s stock valued at $503,000 after acquiring an additional 146 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of SPX Technologies by 3.8% in the second quarter. Fifth Third Bancorp now owns 4,698 shares of the company’s stock valued at $668,000 after purchasing an additional 174 shares in the last quarter. V Square Quantitative Management LLC bought a new position in SPX Technologies in the 3rd quarter worth approximately $28,000. Xponance Inc. lifted its holdings in SPX Technologies by 7.1% during the 2nd quarter. Xponance Inc. now owns 2,864 shares of the company’s stock worth $407,000 after buying an additional 189 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in SPX Technologies by 965.0% in the 2nd quarter. UMB Bank n.a. now owns 213 shares of the company’s stock valued at $30,000 after buying an additional 193 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

Wall Street Analyst Weigh In

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

SPX Technologies Trading Down 0.2 %

SPXC opened at $157.23 on Friday. SPX Technologies, Inc. has a fifty-two week low of $77.90 and a fifty-two week high of $173.30. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 76.70, a price-to-earnings-growth ratio of 1.59 and a beta of 1.21. 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 50 day simple moving average of $157.89 and a 200 day simple moving average of $145.38.

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, beating analysts’ consensus estimates of $1.25 by $0.17. The company had revenue of $501.30 million for the quarter, compared to the consensus estimate of $492.08 million. SPX Technologies had a return on equity of 19.20% and a net margin of 5.53%. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.06 EPS. On average, sell-side analysts anticipate that SPX Technologies, Inc. will post 5.54 earnings per share for the current year.

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.