Victory Capital Management Inc. Decreases Stock Holdings in SPX Technologies, Inc. $SPXC

Victory Capital Management Inc. lowered its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 45.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,999 shares of the company’s stock after selling 66,479 shares during the period. Victory Capital Management Inc. owned 0.16% of SPX Technologies worth $14,942,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of SPX Technologies in the 2nd quarter valued at $97,223,000. Vanguard Group Inc. raised its stake in SPX Technologies by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,298,472 shares of the company’s stock worth $989,649,000 after acquiring an additional 232,436 shares in the last quarter. AustralianSuper Pty Ltd purchased a new stake in SPX Technologies in the third quarter valued at $41,092,000. Invesco Ltd. lifted its position in SPX Technologies by 22.3% in the second quarter. Invesco Ltd. now owns 1,157,177 shares of the company’s stock valued at $194,035,000 after acquiring an additional 210,682 shares during the last quarter. Finally, Fisher Asset Management LLC acquired a new position in SPX Technologies in the second quarter valued at $19,817,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPXC has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their target price on SPX Technologies from $220.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. TD Cowen reaffirmed a “hold” rating on shares of SPX Technologies in a research report on Tuesday, January 6th. Truist Financial increased their price objective on SPX Technologies from $216.00 to $244.00 and gave the company a “hold” rating in a report on Thursday, February 26th. JPMorgan Chase & Co. initiated coverage on shares of SPX Technologies in a research report on Wednesday, March 4th. They set an “overweight” rating and a $260.00 target price on the stock. Finally, B. Riley Financial reiterated a “buy” rating and issued a $244.00 price target (up from $225.00) on shares of SPX Technologies in a research report on Wednesday, December 10th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $250.63.

Insider Buying and Selling

In other SPX Technologies news, insider J Randall Data sold 12,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the completion of the transaction, the insider owned 38,020 shares in the company, valued at approximately $8,188,367.40. This represents a 23.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.32% of the company’s stock.

SPX Technologies Stock Up 0.5%

SPX Technologies stock opened at $210.89 on Wednesday. The stock has a 50 day moving average of $219.25 and a two-hundred day moving average of $206.39. SPX Technologies, Inc. has a twelve month low of $115.00 and a twelve month high of $246.68. The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of 42.09, a PEG ratio of 1.61 and a beta of 1.30. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 0.22.

SPX Technologies (NYSE:SPXC) last released its earnings results on Tuesday, February 24th. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.02. SPX Technologies had a return on equity of 17.82% and a net margin of 10.77%.The business had revenue of $637.30 million for the quarter, compared to analyst estimates of $625.98 million. During the same quarter in the previous year, the company posted $1.51 earnings per share. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. SPX Technologies has set its FY 2026 guidance at 7.600-8.000 EPS. As a group, research analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current year.

About SPX Technologies

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.