Verition Fund Management LLC Takes $481,000 Position in SPX Technologies, Inc. (NYSE:SPXC)

Verition Fund Management LLC purchased a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,016 shares of the company’s stock, valued at approximately $481,000.

A number of other institutional investors have also recently made changes to their positions in SPXC. V Square Quantitative Management LLC bought a new stake in shares of SPX Technologies in the 3rd quarter valued at $28,000. Crewe Advisors LLC bought a new stake in SPX Technologies during the second quarter valued at $28,000. Canada Pension Plan Investment Board acquired a new stake in SPX Technologies during the 2nd quarter worth about $28,000. UMB Bank n.a. raised its position in shares of SPX Technologies by 965.0% in the 2nd quarter. UMB Bank n.a. now owns 213 shares of the company’s stock worth $30,000 after acquiring an additional 193 shares in the last quarter. Finally, ST Germain D J Co. Inc. acquired a new position in shares of SPX Technologies in the 3rd quarter valued at about $44,000. Institutional investors own 92.82% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Sidoti downgraded shares of SPX Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $187.00 to $175.00 in a research report on Friday, December 6th. Wolfe Research started coverage on shares of SPX Technologies in a report on Monday, November 25th. They issued an “outperform” rating and a $199.00 price target for the company. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, SPX Technologies currently has a consensus rating of “Hold” and an average target price of $164.00.

SPX Technologies Stock Performance

Shares of SPXC stock opened at $160.83 on Thursday. SPX Technologies, Inc. has a 12 month low of $89.09 and a 12 month high of $183.83. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $164.96 and a two-hundred day simple moving average of $153.87. The firm has a market capitalization of $7.46 billion, a PE ratio of 43.23, a price-to-earnings-growth ratio of 1.59 and a beta of 1.26.

SPX Technologies (NYSE:SPXC) last released its earnings results on Wednesday, October 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The firm had revenue of $483.70 million during the quarter, compared to the consensus estimate of $501.02 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 EPS. Analysts forecast that SPX Technologies, Inc. will post 5.56 EPS for the current fiscal year.

SPX Technologies 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.