Principal Financial Group Inc. Sells 24,499 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Principal Financial Group Inc. trimmed its stake in shares of SPX Technologies, Inc. (NYSE:SPXCGet Rating) by 8.0% in the second quarter, HoldingsChannel.com reports. The fund owned 282,492 shares of the company’s stock after selling 24,499 shares during the quarter. Principal Financial Group Inc.’s holdings in SPX Technologies were worth $14,927,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Fairfield Bush & CO. bought a new stake in shares of SPX Technologies during the 1st quarter valued at $35,000. Quent Capital LLC lifted its position in shares of SPX Technologies by 38.4% during the 1st quarter. Quent Capital LLC now owns 1,060 shares of the company’s stock valued at $52,000 after acquiring an additional 294 shares during the period. Assetmark Inc. lifted its position in shares of SPX Technologies by 486.5% during the 2nd quarter. Assetmark Inc. now owns 1,349 shares of the company’s stock valued at $71,000 after acquiring an additional 1,119 shares during the period. MCF Advisors LLC bought a new stake in shares of SPX Technologies during the 1st quarter valued at $79,000. Finally, First Bank & Trust bought a new stake in shares of SPX Technologies during the 2nd quarter valued at $116,000. 86.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPXC. Oppenheimer reiterated a “buy” rating and set a $72.00 target price on shares of SPX Technologies in a research report on Thursday, September 29th. StockNews.com cut SPX Technologies from a “buy” rating to a “hold” rating in a report on Tuesday.

Insider Buying and Selling at SPX Technologies

In other news, VP Natausha Heleena White sold 10,190 shares of the business’s stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $69.83, for a total transaction of $711,567.70. Following the sale, the vice president now directly owns 33,518 shares in the company, valued at $2,340,561.94. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.70% of the company’s stock.

SPX Technologies Price Performance

SPX Technologies stock opened at $70.68 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.53 and a current ratio of 2.24. SPX Technologies, Inc. has a 52 week low of $41.66 and a 52 week high of $75.25. The stock has a market capitalization of $3.19 billion, a P/E ratio of 95.51, a price-to-earnings-growth ratio of 1.34 and a beta of 1.21. The stock has a fifty day moving average of $62.77 and a 200-day moving average of $57.41.

SPX Technologies (NYSE:SPXCGet Rating) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.15. SPX Technologies had a return on equity of 11.87% and a net margin of 2.45%. The company had revenue of $370.50 million during the quarter, compared to analysts’ expectations of $352.00 million. On average, sell-side analysts expect that SPX Technologies, Inc. will post 2.91 earnings per share for the current fiscal year.

SPX Technologies Profile

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SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. 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 and comfort heating and ventilation products for the residential and commercial markets.

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Institutional Ownership by Quarter for SPX Technologies (NYSE:SPXC)

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