Park Avenue Securities LLC Boosts Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Park Avenue Securities LLC increased its stake in SPX Technologies, Inc. (NYSE:SPXC) by 1.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 4,497 shares of the company’s stock after buying an additional 83 shares during the period. Park Avenue Securities LLC’s holdings in SPX Technologies were worth $579,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP boosted its holdings in shares of SPX Technologies by 123.3% in the 4th quarter. Allworth Financial LP now owns 163 shares of the company’s stock worth $25,000 after buying an additional 90 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of SPX Technologies in the 4th quarter worth about $27,000. NBC Securities Inc. purchased a new position in shares of SPX Technologies in the 1st quarter worth about $27,000. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of SPX Technologies by 2,055.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock worth $28,000 after buying an additional 185 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of SPX Technologies by 377.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock worth $29,000 after buying an additional 151 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Trading Down 2.8%

Shares of SPXC opened at $154.32 on Friday. The business’s 50-day moving average price is $145.11 and its 200-day moving average price is $145.76. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $183.83. The stock has a market cap of $7.21 billion, a PE ratio of 41.48, a P/E/G ratio of 1.33 and a beta of 1.23. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.22. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The firm had revenue of $482.60 million for the quarter, compared to analysts’ expectations of $481.32 million. During the same period in the prior year, the business posted $1.25 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. On average, equities analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Analyst Ratings Changes

SPXC has been the topic of a number of research reports. Sidoti upgraded SPX Technologies from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 26th. B. Riley initiated coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a “buy” rating and a $195.00 price objective on the stock. UBS Group upgraded SPX Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $160.00 to $182.00 in a research note on Monday, June 2nd. Finally, Oppenheimer upgraded SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price objective on the stock in a research note on Wednesday, February 26th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, SPX Technologies presently has an average rating of “Buy” and a consensus price target of $183.20.

Insider Activity

In other news, Director Rick D. Puckett sold 6,823 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the sale, the director now directly owns 33,770 shares in the company, valued at $5,167,147.70. This represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.32% of the company’s stock.

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.