Louisiana State Employees Retirement System Buys Shares of 22,800 SPX Technologies, Inc. (NYSE:SPXC)

Louisiana State Employees Retirement System purchased a new position in SPX Technologies, Inc. (NYSE:SPXC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 22,800 shares of the company’s stock, valued at approximately $2,303,000.

Other institutional investors have also bought and sold shares of the company. Point72 Asset Management L.P. purchased a new stake in shares of SPX Technologies during the 2nd quarter valued at approximately $34,000. Fairfield Bush & CO. purchased a new stake in shares of SPX Technologies during the first quarter worth $35,000. Quarry LP bought a new position in shares of SPX Technologies in the second quarter worth $44,000. Lazard Asset Management LLC purchased a new position in shares of SPX Technologies in the second quarter valued at $59,000. Finally, Point72 Middle East FZE bought a new stake in shares of SPX Technologies during the 4th quarter valued at $73,000. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Insider Activity

In related news, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the transaction, the chief executive officer now directly owns 597,936 shares in the company, valued at approximately $69,049,649.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other SPX Technologies news, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $115.48, for a total value of $3,123,503.04. Following the completion of the sale, the chief executive officer now directly owns 597,936 shares in the company, valued at $69,049,649.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the transaction, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,373 shares of company stock valued at $10,962,146. Corporate insiders own 3.53% of the company’s stock.

Wall Street Analyst Weigh In

SPXC has been the subject of a number of recent analyst reports. StockNews.com lowered SPX Technologies from a “buy” rating to a “hold” rating in a report on Friday, March 15th. UBS Group boosted their price objective on shares of SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a research note on Wednesday, March 27th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $134.00 target price (up from $124.00) on shares of SPX Technologies in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $130.00.

SPX Technologies Price Performance

SPXC stock opened at $118.77 on Wednesday. The firm has a 50 day simple moving average of $115.83 and a two-hundred day simple moving average of $99.64. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08. The stock has a market cap of $5.49 billion, a PE ratio of 61.86, a P/E/G ratio of 1.32 and a beta of 1.25. SPX Technologies, Inc. has a one year low of $61.09 and a one year high of $124.81.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.25. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The company had revenue of $469.40 million during the quarter, compared to analyst estimates of $481.98 million. During the same period in the previous year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, analysts predict that SPX Technologies, Inc. will post 5.03 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.