Public Sector Pension Investment Board Decreases Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Public Sector Pension Investment Board trimmed its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 3.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,078 shares of the company’s stock after selling 3,600 shares during the quarter. Public Sector Pension Investment Board’s holdings in SPX Technologies were worth $15,640,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Conestoga Capital Advisors LLC bought a new position in SPX Technologies during the second quarter valued at $51,070,000. Select Equity Group L.P. bought a new position in SPX Technologies during the second quarter valued at $24,904,000. Hood River Capital Management LLC grew its holdings in SPX Technologies by 1,342.6% during the second quarter. Hood River Capital Management LLC now owns 187,537 shares of the company’s stock valued at $26,657,000 after purchasing an additional 174,537 shares during the period. Victory Capital Management Inc. grew its holdings in SPX Technologies by 196.9% during the third quarter. Victory Capital Management Inc. now owns 218,993 shares of the company’s stock valued at $34,921,000 after purchasing an additional 145,225 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in SPX Technologies by 29.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 623,405 shares of the company’s stock valued at $99,408,000 after purchasing an additional 142,544 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Price Performance

SPX Technologies stock opened at $175.00 on Friday. SPX Technologies, Inc. has a one year low of $83.98 and a one year high of $183.83. The business has a fifty day moving average price of $163.50 and a 200-day moving average price of $152.14. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The firm has a market capitalization of $8.11 billion, a P/E ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.22.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The firm had revenue of $483.70 million during the quarter, compared to analyst estimates of $501.02 million. During the same period last year, the company earned $1.06 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities research analysts forecast that SPX Technologies, Inc. will post 5.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research started coverage on SPX Technologies in a report on Monday. They set an “outperform” rating and a $199.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $160.33.

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.