Raymond James Trust N.A. Increases Stake in SPX Technologies, Inc. (NYSE:SPXC)

Raymond James Trust N.A. increased its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 16.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,195 shares of the company’s stock after buying an additional 459 shares during the period. Raymond James Trust N.A.’s holdings in SPX Technologies were worth $509,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. increased 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 valued at $278,000 after purchasing an additional 78 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of 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 in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of SPX Technologies by 1.6% during the third 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 holdings in SPX Technologies by 14.3% in the third quarter. KBC Group NV now owns 1,295 shares of the company’s stock valued at $207,000 after buying an additional 162 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in SPX Technologies by 3.8% in the second 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 and hedge funds own 92.82% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wolfe Research started coverage on SPX Technologies in a report on Monday. They issued an “outperform” rating and a $199.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, SPX Technologies presently has a consensus rating of “Hold” and a consensus target price of $160.33.

SPX Technologies Price Performance

Shares of NYSE:SPXC opened at $178.98 on Wednesday. SPX Technologies, Inc. has a 12 month low of $83.98 and a 12 month high of $183.83. The firm has a market capitalization of $8.30 billion, a P/E ratio of 48.11, a P/E/G ratio of 1.76 and a beta of 1.22. 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 company’s fifty day moving average price is $162.86 and its 200 day moving average price is $151.82.

SPX Technologies (NYSE:SPXC) last posted its earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. The business had revenue of $483.70 million for the quarter, compared to analysts’ expectations of $501.02 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.06 earnings per share. As a group, sell-side analysts predict that SPX Technologies, Inc. will post 5.56 earnings per share for the current fiscal year.

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.