Corebridge Financial Inc. Cuts Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Corebridge Financial Inc. lowered its position in SPX Technologies, Inc. (NYSE:SPXC) by 7.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,018 shares of the company’s stock after selling 1,872 shares during the period. Corebridge Financial Inc.’s holdings in SPX Technologies were worth $3,495,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC increased its position in shares of SPX Technologies by 43.5% during the third quarter. Cerity Partners LLC now owns 3,434 shares of the company’s stock valued at $548,000 after acquiring an additional 1,041 shares during the last quarter. Glenmede Trust Co. NA grew its stake in SPX Technologies by 35.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 4,630 shares of the company’s stock valued at $738,000 after purchasing an additional 1,200 shares during the period. Captrust Financial Advisors increased its position in shares of SPX Technologies by 3.8% during the 3rd quarter. Captrust Financial Advisors now owns 8,030 shares of the company’s stock valued at $1,280,000 after purchasing an additional 292 shares during the last quarter. Verition Fund Management LLC bought a new stake in shares of SPX Technologies during the 3rd quarter worth $481,000. Finally, Centiva Capital LP purchased a new position in shares of SPX Technologies in the 3rd quarter worth about $361,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Sidoti upgraded shares of SPX Technologies from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 26th. Oppenheimer raised SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 target price for the company in a research report on Wednesday, February 26th. Finally, UBS Group dropped their price target on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $174.75.

SPX Technologies Price Performance

SPXC stock opened at $128.83 on Tuesday. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 34.63, a PEG ratio of 1.33 and a beta of 1.26. The firm’s 50-day moving average price is $142.86 and its two-hundred day moving average price is $152.98. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. SPX Technologies, Inc. has a 12-month low of $116.05 and a 12-month high of $183.83.

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.