Arizona State Retirement System Sells 138 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Arizona State Retirement System cut its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 1.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,298 shares of the company’s stock after selling 138 shares during the period. Arizona State Retirement System’s holdings in SPX Technologies were worth $1,713,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SPXC. Mitsubishi UFJ Asset Management Co. Ltd. increased 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 valued at $29,000 after acquiring an additional 151 shares during the period. NBC Securities Inc. bought a new position in SPX Technologies during the first quarter valued at about $27,000. Covestor Ltd boosted its holdings in SPX Technologies by 313.8% during the fourth quarter. Covestor Ltd now owns 389 shares of the company’s stock valued at $57,000 after purchasing an additional 295 shares in the last quarter. Huntington National Bank boosted its holdings in SPX Technologies by 17.6% during the fourth quarter. Huntington National Bank now owns 587 shares of the company’s stock valued at $85,000 after purchasing an additional 88 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in SPX Technologies by 15.9% during the fourth quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $91,000 after purchasing an additional 86 shares in the last quarter. 92.82% of the stock is currently owned by institutional investors.

SPX Technologies Stock Down 1.3%

Shares of SPXC opened at $177.79 on Friday. The company has a market capitalization of $8.30 billion, a P/E ratio of 41.44, a PEG ratio of 1.58 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.88 and a quick ratio of 1.24. SPX Technologies, Inc. has a one year low of $115.00 and a one year high of $183.83. The business’s 50 day simple moving average is $161.37 and its 200-day simple moving average is $147.47.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.22. SPX Technologies had a net margin of 10.13% and a return on equity of 19.67%. The firm had revenue of $482.60 million during the quarter, compared to analysts’ expectations of $481.32 million. During the same quarter in the previous year, the company posted $1.25 EPS. SPX Technologies’s revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts predict that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Insider Activity at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of the company’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the completion of the sale, the director owned 33,770 shares in the company, valued at approximately $5,167,147.70. The trade was a 16.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SPXC. B. Riley began coverage on SPX Technologies in a report on Thursday, May 15th. They set a “buy” rating and a $195.00 price objective on the stock. UBS Group raised 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 report on Monday, June 2nd. Finally, Oppenheimer lifted their price objective on SPX Technologies from $170.00 to $197.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, SPX Technologies presently has an average rating of “Buy” and a consensus price target 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.