Fred Alger Management LLC Buys 26,187 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Fred Alger Management LLC raised its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 18.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 167,900 shares of the company’s stock after buying an additional 26,187 shares during the quarter. Fred Alger Management LLC’s holdings in SPX Technologies were worth $24,433,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP boosted its stake in shares of SPX Technologies by 123.3% in the 4th quarter. Allworth Financial LP now owns 163 shares of the company’s stock valued at $25,000 after purchasing an additional 90 shares in the last quarter. Empowered Funds LLC bought a new position in SPX Technologies in the 4th quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in SPX Technologies by 377.5% during the 4th 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 last quarter. Skandinaviska Enskilda Banken AB publ lifted its holdings in SPX Technologies by 2,055.6% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock valued at $28,000 after buying an additional 185 shares during the period. Finally, Covestor Ltd boosted its position in shares of SPX Technologies by 313.8% in the 4th quarter. Covestor Ltd now owns 389 shares of the company’s stock worth $57,000 after purchasing an additional 295 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Trading Down 0.8 %

SPXC opened at $149.31 on Friday. 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 stock has a market capitalization of $6.97 billion, a P/E ratio of 40.14, a P/E/G ratio of 1.33 and a beta of 1.21. The firm’s fifty day simple moving average is $133.81 and its 200 day simple moving average is $147.17. SPX Technologies, Inc. has a 12 month low of $115.00 and a 12 month high of $183.83.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.22. The business had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 earnings per share. As a group, research analysts anticipate that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on SPXC. Oppenheimer raised SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price target for the company in a research note on Wednesday, February 26th. Sidoti upgraded shares of SPX Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $174.75.

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.