Van Berkom & Associates Inc. Buys 50,700 Shares of SPX Technologies, Inc. $SPXC

Van Berkom & Associates Inc. raised its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 17.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 343,103 shares of the company’s stock after buying an additional 50,700 shares during the period. Van Berkom & Associates Inc.’s holdings in SPX Technologies were worth $58,177,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Group One Trading LLC bought a new position in SPX Technologies in the second quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of SPX Technologies during the 2nd quarter valued at $47,000. Parallel Advisors LLC grew its position in shares of SPX Technologies by 38.1% during the 1st quarter. Parallel Advisors LLC now owns 312 shares of the company’s stock valued at $62,000 after acquiring an additional 86 shares during the period. Harbor Investment Advisory LLC purchased a new stake in shares of SPX Technologies in the 2nd quarter worth $70,000. Finally, Allworth Financial LP purchased a new stake in shares of SPX Technologies in the 2nd quarter worth $70,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Stock Up 5.6%

Shares of SPXC stock opened at $150.68 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. SPX Technologies, Inc. has a one year low of $137.86 and a one year high of $251.08. The company’s fifty day moving average price is $172.43 and its 200-day moving average price is $205.61. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.01 and a beta of 1.26.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.09. The company had revenue of $714.50 million during the quarter, compared to the consensus estimate of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. SPX Technologies’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.84 EPS. Sell-side analysts expect that SPX Technologies, Inc. will post 8.39 EPS for the current fiscal year.

Insider Buying and Selling

In other SPX Technologies news, Director Brian A. Deck acquired 3,000 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were acquired at an average cost of $164.34 per share, for a total transaction of $493,020.00. Following the completion of the transaction, the director directly owned 3,742 shares of the company’s stock, valued at approximately $614,960.28. The trade was a 404.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.88% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SPXC shares. Wells Fargo & Company decreased their target price on SPX Technologies from $250.00 to $243.00 and set an “overweight” rating on the stock in a report on Tuesday, October 13th. Weiss Ratings lowered SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, November 3rd. Truist Financial restated a “buy” rating and issued a $233.00 price target (down from $266.00) on shares of SPX Technologies in a research report on Monday, November 2nd. Oppenheimer decreased their price objective on SPX Technologies from $265.00 to $260.00 and set an “outperform” rating on the stock in a research note on Monday, November 2nd. Finally, Citigroup reaffirmed a “buy” rating on shares of SPX Technologies in a research report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $241.90.

SPX Technologies Profile

SPX Technologies, Inc is a global supplier of engineered products and technologies, serving customers in markets that include commercial and residential buildings, infrastructure, and industrial applications. The company operates through its HVAC and Detection and Measurement businesses.

Its HVAC products include cooling towers, boilers, heating equipment, ventilation and air treatment systems, and related components. Its Detection and Measurement business provides technologies used to locate and inspect underground utilities, as well as communication and measurement products for specialized applications.

SPX Technologies sells products and services to customers around the world through a portfolio of established brands.