Pitcairn Co. Trims Stake in SPX Technologies, Inc. (NYSE:SPXC)

Pitcairn Co. lowered its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 20.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,703 shares of the company’s stock after selling 924 shares during the quarter. Pitcairn Co.’s holdings in SPX Technologies were worth $590,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SPXC. Assetmark Inc. grew its position in SPX Technologies by 4.7% in the third 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. Evergreen Capital Management LLC lifted its stake in SPX Technologies by 4.3% during the second quarter. Evergreen Capital Management LLC now owns 3,538 shares of the company’s stock worth $503,000 after purchasing an additional 146 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of SPX Technologies by 1.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,233 shares of the company’s stock worth $1,632,000 after purchasing an additional 158 shares in the last quarter. KBC Group NV increased its position in shares of SPX Technologies by 14.3% during the 3rd quarter. KBC Group NV now owns 1,295 shares of the company’s stock valued at $207,000 after purchasing an additional 162 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of SPX Technologies by 3.8% during the 2nd quarter. Fifth Third Bancorp now owns 4,698 shares of the company’s stock valued at $668,000 after buying an additional 174 shares in the last quarter. Institutional investors own 92.82% of the company’s stock.

Analysts Set New Price Targets

Separately, Wolfe Research started coverage on shares of SPX Technologies in a research note on Monday. They issued an “outperform” rating and a $199.00 price target for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $160.33.

SPX Technologies Stock Up 3.2 %

NYSE SPXC opened at $181.56 on Tuesday. SPX Technologies, Inc. has a 1 year low of $83.98 and a 1 year high of $183.83. 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 business’s 50-day moving average is $162.39 and its 200 day moving average is $151.55. The stock has a market capitalization of $8.42 billion, a PE ratio of 48.81, a PEG ratio of 1.76 and a beta of 1.22.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates 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%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 earnings per share. Sell-side analysts forecast that SPX Technologies, Inc. will post 5.56 earnings per share for the current year.

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.