Swedbank AB Trims Position in SPX Technologies, Inc. (NYSE:SPXC)

Swedbank AB decreased its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 20.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,000 shares of the company’s stock after selling 30,000 shares during the quarter. Swedbank AB owned about 0.26% of SPX Technologies worth $17,462,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Assetmark Inc. raised its position in shares of SPX Technologies by 4.7% in the 3rd quarter. Assetmark Inc. now owns 1,745 shares of the company’s stock worth $278,000 after acquiring an additional 78 shares in the last quarter. Hilltop National Bank raised its holdings in SPX Technologies by 19.9% in the fourth quarter. Hilltop National Bank now owns 536 shares of the company’s stock worth $78,000 after purchasing an additional 89 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in SPX Technologies by 1.6% during the third quarter. PNC Financial Services Group Inc. now owns 10,233 shares of the company’s stock valued at $1,632,000 after buying an additional 158 shares during the period. M&T Bank Corp boosted its holdings in shares of SPX Technologies by 0.4% during the 3rd quarter. M&T Bank Corp now owns 37,541 shares of the company’s stock valued at $5,986,000 after buying an additional 160 shares in the last quarter. Finally, KBC Group NV grew its position in shares of SPX Technologies by 14.3% in the 3rd quarter. KBC Group NV now owns 1,295 shares of the company’s stock worth $207,000 after buying an additional 162 shares during the period. Institutional investors own 92.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on SPXC. Wolfe Research began coverage on shares of SPX Technologies in a research note on Monday, November 25th. They set an “outperform” rating and a $199.00 price objective on the stock. Sidoti downgraded SPX Technologies from a “buy” rating to a “neutral” rating and cut their price target for the stock from $187.00 to $175.00 in a research note on Friday, December 6th. Finally, UBS Group lowered their price objective on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $168.50.

SPX Technologies Stock Performance

SPXC stock opened at $148.27 on Friday. The stock has a market capitalization of $6.87 billion, a PE ratio of 39.86, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. The stock’s 50 day simple moving average is $154.15 and its 200 day simple moving average is $155.49. SPX Technologies, Inc. has a 12-month low of $100.59 and a 12-month high of $183.83. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. The company had revenue of $483.70 million during the quarter, compared to the consensus estimate of $501.02 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. SPX Technologies’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the company earned $1.06 EPS. As a group, research analysts forecast 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.