Independent Advisor Alliance Takes Position in SPX Technologies, Inc. (NYSE:SPXC)

Independent Advisor Alliance purchased a new position in SPX Technologies, Inc. (NYSE:SPXC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,002 shares of the company’s stock, valued at approximately $319,000.

Several other large investors have also added to or reduced their stakes in SPXC. Earnest Partners LLC lifted its holdings in SPX Technologies by 3.3% in the second quarter. Earnest Partners LLC now owns 1,066,426 shares of the company’s stock worth $151,582,000 after buying an additional 33,675 shares during the period. Conestoga Capital Advisors LLC boosted its position in shares of SPX Technologies by 74.6% during the third quarter. Conestoga Capital Advisors LLC now owns 627,260 shares of the company’s stock valued at $100,023,000 after purchasing an additional 267,965 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in SPX Technologies by 29.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 623,405 shares of the company’s stock worth $99,408,000 after purchasing an additional 142,544 shares during the period. Principal Financial Group Inc. raised its holdings in SPX Technologies by 17.4% in the second quarter. Principal Financial Group Inc. now owns 520,416 shares of the company’s stock worth $73,972,000 after purchasing an additional 77,008 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of SPX Technologies by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 397,605 shares of the company’s stock valued at $56,516,000 after buying an additional 8,931 shares in the last quarter. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Trading Down 2.2 %

SPX Technologies stock opened at $175.00 on Friday. The business’s fifty day simple moving average is $163.50 and its two-hundred day simple moving average is $152.14. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 47.04, a price-to-earnings-growth ratio of 1.82 and a beta of 1.22. SPX Technologies, Inc. has a 12 month low of $83.98 and a 12 month high of $183.83.

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

Wall Street Analyst Weigh In

Separately, Wolfe Research assumed coverage on shares of SPX Technologies in a research report on Monday. They set an “outperform” rating and a $199.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $160.33.

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.