Principal Financial Group Inc. Increases Stock Holdings in SPX Technologies, Inc. $SPXC

Principal Financial Group Inc. boosted its stake in SPX Technologies, Inc. (NYSE:SPXC) by 11.2% in the third quarter, Holdings Channel reports. The fund owned 550,863 shares of the company’s stock after buying an additional 55,482 shares during the quarter. Principal Financial Group Inc.’s holdings in SPX Technologies were worth $102,890,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. acquired a new position in shares of SPX Technologies during the third quarter worth $28,000. Cullen Frost Bankers Inc. lifted its holdings in SPX Technologies by 52.9% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock worth $29,000 after buying an additional 54 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in SPX Technologies in the 2nd quarter valued at about $31,000. Financial Consulate Inc. purchased a new position in SPX Technologies in the 3rd quarter valued at about $34,000. Finally, MAI Capital Management grew its stake in shares of SPX Technologies by 80.9% during the second quarter. MAI Capital Management now owns 208 shares of the company’s stock valued at $35,000 after acquiring an additional 93 shares in the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

Insider Transactions at SPX Technologies

In related news, insider John William Swann III sold 38,755 shares of the stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total value of $7,986,242.85. Following the sale, the insider owned 64,266 shares of the company’s stock, valued at $13,243,294.62. This trade represents a 37.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider J Randall Data sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the completion of the sale, the insider owned 38,020 shares in the company, valued at $8,188,367.40. The trade was a 23.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.32% of the company’s stock.

SPX Technologies Stock Performance

SPX Technologies stock opened at $212.76 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.47 and a quick ratio of 1.70. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $233.71. The company has a fifty day moving average price of $211.00 and a two-hundred day moving average price of $199.25. The company has a market cap of $10.60 billion, a PE ratio of 45.56, a P/E/G ratio of 1.74 and a beta of 1.32.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SPXC shares. Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a research note on Monday, December 29th. TD Cowen reissued a “hold” rating on shares of SPX Technologies in a research report on Tuesday, January 6th. B. Riley reaffirmed a “buy” rating and issued a $244.00 price target (up from $225.00) on shares of SPX Technologies in a report on Wednesday, December 10th. Finally, Truist Financial increased their price objective on shares of SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, SPX Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $214.14.

SPX Technologies Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.