Edgestream Partners L.P. Lowers Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Edgestream Partners L.P. cut its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 14.8% in the 2nd quarter, Holdings Channel reports. The fund owned 22,245 shares of the company’s stock after selling 3,866 shares during the quarter. Edgestream Partners L.P.’s holdings in SPX Technologies were worth $3,162,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of SPX Technologies during the fourth quarter worth about $48,528,000. Conestoga Capital Advisors LLC acquired a new position in SPX Technologies during the 2nd quarter worth approximately $51,070,000. Capital World Investors purchased a new position in shares of SPX Technologies during the 4th quarter worth approximately $29,121,000. Nordea Investment Management AB lifted its holdings in shares of SPX Technologies by 160.6% in the 1st 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 period. Finally, Principal Financial Group Inc. boosted its stake in shares of SPX Technologies by 86.8% in the first quarter. Principal Financial Group Inc. now owns 443,408 shares of the company’s stock valued at $54,597,000 after buying an additional 206,054 shares in the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SPX Technologies

In other news, insider J Randall Data sold 39,412 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $143.89, for a total value of $5,670,992.68. Following the completion of the transaction, the insider now directly owns 52,657 shares of the company’s stock, valued at $7,576,815.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

SPX Technologies Price Performance

SPXC stock opened at $154.79 on Thursday. The firm has a 50 day moving average of $150.74 and a 200-day moving average of $137.28. The company has a market cap of $7.16 billion, a price-to-earnings ratio of 75.51, a PEG ratio of 1.49 and a beta of 1.22. The company has a current ratio of 1.28, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. SPX Technologies, Inc. has a 12-month low of $77.84 and a 12-month high of $164.91.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.17. SPX Technologies had a return on equity of 19.20% and a net margin of 5.53%. The firm had revenue of $501.30 million during the quarter, compared to analysts’ expectations of $492.08 million. During the same period in the previous year, the firm posted $1.06 earnings per share. SPX Technologies’s revenue was up 18.4% on a year-over-year basis. As a group, equities analysts expect that SPX Technologies, Inc. will post 5.54 EPS for the current fiscal 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.