Strs Ohio Reduces Stake in SPX Technologies, Inc. $SPXC

Strs Ohio trimmed its stake in SPX Technologies, Inc. (NYSE:SPXC) by 14.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,800 shares of the company’s stock after selling 1,700 shares during the quarter. Strs Ohio’s holdings in SPX Technologies were worth $1,643,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Nuveen LLC purchased a new position in SPX Technologies in the first quarter valued at about $88,852,000. Charles Schwab Investment Management Inc. boosted its stake in SPX Technologies by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 635,862 shares of the company’s stock valued at $81,886,000 after acquiring an additional 10,501 shares during the last quarter. Northern Trust Corp boosted its stake in SPX Technologies by 1.0% in the first quarter. Northern Trust Corp now owns 544,145 shares of the company’s stock valued at $70,075,000 after acquiring an additional 5,644 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of SPX Technologies by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 514,858 shares of the company’s stock valued at $66,305,000 after buying an additional 2,505 shares in the last quarter. Finally, Channing Capital Management LLC lifted its stake in shares of SPX Technologies by 35.3% during the 1st quarter. Channing Capital Management LLC now owns 415,393 shares of the company’s stock valued at $53,494,000 after buying an additional 108,329 shares in the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPXC has been the topic of a number of recent research reports. Truist Financial initiated coverage on shares of SPX Technologies in a research note on Monday, October 20th. They set a “hold” rating and a $209.00 price target on the stock. Bank of America initiated coverage on shares of SPX Technologies in a research note on Wednesday, October 8th. They set a “neutral” rating and a $202.00 price target on the stock. Wells Fargo & Company initiated coverage on shares of SPX Technologies in a research note on Tuesday, October 14th. They set an “overweight” rating and a $205.00 price target on the stock. Oppenheimer upped their price target on shares of SPX Technologies from $170.00 to $197.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Finally, B. Riley restated a “buy” rating and set a $225.00 price target (up from $212.00) on shares of SPX Technologies in a research note on Monday, October 27th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, SPX Technologies presently has an average rating of “Moderate Buy” and an average price target of $202.75.

SPX Technologies Stock Performance

SPX Technologies stock opened at $213.93 on Wednesday. The firm’s 50 day simple moving average is $189.75 and its 200 day simple moving average is $174.10. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $10.00 billion, a PE ratio of 48.07, a price-to-earnings-growth ratio of 2.06 and a beta of 1.37. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $233.71.

SPX Technologies (NYSE:SPXC) last posted its earnings results on Thursday, October 30th. The company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.24. The business had revenue of $592.80 million for the quarter, compared to analyst estimates of $574.32 million. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. SPX Technologies’s revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 EPS. SPX Technologies has set its FY 2025 guidance at 6.650-6.800 EPS. As a group, analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

About SPX Technologies

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.