KLP Kapitalforvaltning AS Has $1.16 Million Holdings in SPX Technologies, Inc. (NYSE:SPXC)

KLP Kapitalforvaltning AS decreased its position in SPX Technologies, Inc. (NYSE:SPXC) by 4.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,000 shares of the company’s stock after selling 400 shares during the period. KLP Kapitalforvaltning AS’s holdings in SPX Technologies were worth $1,159,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of SPXC. NBC Securities Inc. bought a new position in shares of SPX Technologies in the 1st quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in SPX Technologies by 377.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock worth $29,000 after purchasing an additional 151 shares during the period. Covestor Ltd increased its holdings in SPX Technologies by 313.8% in the fourth quarter. Covestor Ltd now owns 389 shares of the company’s stock worth $57,000 after purchasing an additional 295 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in SPX Technologies by 18.5% in the first quarter. Farther Finance Advisors LLC now owns 628 shares of the company’s stock worth $83,000 after purchasing an additional 98 shares in the last quarter. Finally, Huntington National Bank lifted its stake in SPX Technologies by 17.6% in the fourth quarter. Huntington National Bank now owns 587 shares of the company’s stock valued at $85,000 after buying an additional 88 shares during the period. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Stock Performance

SPXC opened at $180.98 on Monday. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $183.83. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 1.59 and a beta of 1.24. The company’s fifty day moving average price is $163.48 and its two-hundred day moving average price is $148.57. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60.

SPX Technologies (NYSE:SPXC) last posted its earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.22. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. The company had revenue of $482.60 million for the quarter, compared to analyst estimates of $481.32 million. During the same quarter in the prior year, the business posted $1.25 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, analysts expect that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Insider Activity at SPX Technologies

In related news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction that occurred on 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 transaction, the director owned 33,770 shares of the company’s stock, valued at $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SPXC has been the subject of several research analyst reports. UBS Group upgraded shares of SPX Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $160.00 to $182.00 in a research note on Monday, June 2nd. Oppenheimer upped their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Finally, B. Riley initiated coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a “buy” rating and a $195.00 target price for the company. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $189.60.

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.