SPX Technologies, Inc. (NYSE:SPXC) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lessened its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 4.8% in the 1st quarter, Holdings Channel reports. The firm owned 3,764 shares of the company’s stock after selling 189 shares during the period. Fifth Third Bancorp’s holdings in SPX Technologies were worth $485,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Venturi Wealth Management LLC acquired a new stake in SPX Technologies in the 4th quarter valued at approximately $331,000. Comerica Bank increased its holdings in SPX Technologies by 25.4% in the 4th quarter. Comerica Bank now owns 86,267 shares of the company’s stock valued at $12,554,000 after purchasing an additional 17,472 shares during the last quarter. Arizona State Retirement System increased its holdings in SPX Technologies by 0.9% in the 4th quarter. Arizona State Retirement System now owns 13,436 shares of the company’s stock valued at $1,955,000 after purchasing an additional 123 shares during the last quarter. Empowered Funds LLC acquired a new stake in SPX Technologies in the 4th quarter valued at approximately $27,000. Finally, Hsbc Holdings PLC increased its holdings in SPX Technologies by 61.4% in the 4th quarter. Hsbc Holdings PLC now owns 11,112 shares of the company’s stock valued at $1,620,000 after purchasing an additional 4,229 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Price Performance

SPX Technologies stock opened at $155.15 on Wednesday. The stock has a market cap of $7.25 billion, a P/E ratio of 36.17, a price-to-earnings-growth ratio of 1.36 and a beta of 1.23. The company has a fifty day simple moving average of $146.19 and a 200-day simple moving average of $145.27. SPX Technologies, Inc. has a 12-month low of $115.00 and a 12-month high of $183.83. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Thursday, May 1st. The company reported $1.38 earnings per share (EPS) 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 business had revenue of $482.60 million during the quarter, compared to analysts’ expectations of $481.32 million. During the same period in the previous year, the company earned $1.25 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts expect that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on SPXC. Sidoti upgraded shares of SPX Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, February 26th. Oppenheimer raised shares of SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price target for the company in a research report on Wednesday, February 26th. UBS Group raised shares of SPX Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $160.00 to $182.00 in a research report on Monday, June 2nd. Finally, B. Riley started coverage on shares of SPX Technologies in a research report on Thursday, May 15th. They set a “buy” rating and a $195.00 price objective for the company. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $183.20.

Insider Activity at SPX Technologies

In other SPX Technologies news, Director Rick D. Puckett sold 6,823 shares of SPX Technologies stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $153.01, for a total value of $1,043,987.23. Following the transaction, the director now directly owns 33,770 shares in the company, valued at approximately $5,167,147.70. The trade was a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.32% of the stock is owned by corporate insiders.

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.