Vanguard Group Inc. Increases Stake in SPX Technologies, Inc. $SPXC

Vanguard Group Inc. raised its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 4.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,298,472 shares of the company’s stock after purchasing an additional 232,436 shares during the quarter. Vanguard Group Inc. owned 0.11% of SPX Technologies worth $989,649,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. bought a new stake in shares of SPX Technologies during the third quarter valued at approximately $28,000. Cullen Frost Bankers Inc. boosted its stake in SPX Technologies by 52.9% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock valued at $29,000 after purchasing an additional 54 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of SPX Technologies in the 2nd quarter worth $31,000. Financial Consulate Inc. bought a new stake in shares of SPX Technologies in the 3rd quarter worth $34,000. Finally, MAI Capital Management raised its stake in shares of SPX Technologies by 80.9% in the second quarter. MAI Capital Management now owns 208 shares of the company’s stock worth $35,000 after purchasing an additional 93 shares during the last quarter. Institutional investors own 92.82% of the company’s stock.

SPX Technologies Price Performance

Shares of NYSE:SPXC opened at $242.10 on Friday. The company has a quick ratio of 1.70, a current ratio of 2.47 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $12.07 billion, a PE ratio of 51.84, a price-to-earnings-growth ratio of 1.67 and a beta of 1.32. The firm’s 50 day moving average price is $215.95 and its 200-day moving average price is $203.80. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $246.68.

Insider Buying and Selling

In other news, insider J Randall Data sold 12,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $215.37, for a total value of $2,584,440.00. Following the transaction, the insider owned 38,020 shares of the company’s stock, valued at $8,188,367.40. This trade represents a 23.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SPXC shares. Truist Financial increased their price objective on SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. TD Cowen reaffirmed a “hold” rating on shares of SPX Technologies in a report on Tuesday, January 6th. Bank of America raised shares of SPX Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $240.00 to $280.00 in a report on Friday, February 13th. B. Riley Financial restated a “buy” rating and issued a $244.00 target price (up previously from $225.00) on shares of SPX Technologies in a report on Wednesday, December 10th. Finally, Wall Street Zen raised shares of SPX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $225.29.

SPX Technologies Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.