JPMorgan Chase & Co. Boosts Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

JPMorgan Chase & Co. grew its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 666.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 590,552 shares of the company’s stock after buying an additional 513,526 shares during the quarter. JPMorgan Chase & Co.’s holdings in SPX Technologies were worth $94,169,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SPXC. Canada Pension Plan Investment Board purchased a new stake in SPX Technologies during the second quarter worth approximately $28,000. V Square Quantitative Management LLC acquired a new position in shares of SPX Technologies during the 3rd quarter valued at $28,000. ST Germain D J Co. Inc. purchased a new stake in SPX Technologies during the 3rd quarter worth $44,000. Farther Finance Advisors LLC increased its holdings in SPX Technologies by 247.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the company’s stock valued at $80,000 after purchasing an additional 357 shares in the last quarter. Finally, Signaturefd LLC raised its position in SPX Technologies by 65.2% in the third quarter. Signaturefd LLC now owns 542 shares of the company’s stock valued at $86,000 after purchasing an additional 214 shares during the period. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SPXC. Sidoti lowered SPX Technologies from a “buy” rating to a “neutral” rating and lowered their target price for the company from $187.00 to $175.00 in a research note on Friday, December 6th. Wolfe Research assumed coverage on shares of SPX Technologies in a research report on Monday, November 25th. They issued an “outperform” rating and a $199.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $164.00.

SPX Technologies Price Performance

SPXC opened at $146.15 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. SPX Technologies, Inc. has a 1-year low of $95.00 and a 1-year high of $183.83. The company has a 50-day moving average of $159.86 and a 200-day moving average of $154.98. The company has a market capitalization of $6.78 billion, a P/E ratio of 39.29, a PEG ratio of 1.55 and a beta of 1.26.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $501.02 million. During the same quarter in the prior year, the firm posted $1.06 earnings per share. SPX Technologies’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities analysts expect that SPX Technologies, Inc. will post 5.56 EPS 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.