Franklin Resources Inc. Acquires 8,186 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Franklin Resources Inc. increased its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 188.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,531 shares of the company’s stock after buying an additional 8,186 shares during the period. Franklin Resources Inc.’s holdings in SPX Technologies were worth $2,127,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Synovus Financial Corp raised its holdings in SPX Technologies by 2.1% in the third quarter. Synovus Financial Corp now owns 9,489 shares of the company’s stock worth $1,513,000 after purchasing an additional 199 shares in the last quarter. Tidal Investments LLC raised its stake in shares of SPX Technologies by 6.6% during the 3rd quarter. Tidal Investments LLC now owns 3,026 shares of the company’s stock worth $483,000 after acquiring an additional 188 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in SPX Technologies during the third quarter valued at approximately $194,000. M&T Bank Corp boosted its stake in SPX Technologies by 0.4% in the third quarter. M&T Bank Corp now owns 37,541 shares of the company’s stock valued at $5,986,000 after acquiring an additional 160 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in SPX Technologies by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,033,825 shares of the company’s stock worth $164,888,000 after purchasing an additional 8,916 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SPXC shares. Wolfe Research began coverage on SPX Technologies in a research report on Monday, November 25th. They issued an “outperform” rating and a $199.00 price objective for the company. Sidoti downgraded SPX Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $187.00 to $175.00 in a report on Friday, December 6th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, SPX Technologies currently has an average rating of “Hold” and an average price target of $164.00.

SPX Technologies Stock Performance

Shares of SPXC opened at $147.66 on Friday. The stock has a 50-day moving average of $161.30 and a two-hundred day moving average of $154.64. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. The stock has a market cap of $6.85 billion, a P/E ratio of 39.69, a P/E/G ratio of 1.55 and a beta of 1.26. SPX Technologies, Inc. has a one year low of $95.00 and a one year high of $183.83.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The firm had revenue of $483.70 million for the quarter, compared to analyst estimates of $501.02 million. During the same quarter in the prior year, the firm earned $1.06 earnings per share. SPX Technologies’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, research analysts predict that SPX Technologies, Inc. will post 5.56 EPS for the current year.

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.