Corsair Capital Management L.P. Buys 113,863 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Corsair Capital Management L.P. raised its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 80,185.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,005 shares of the company's stock after purchasing an additional 113,863 shares during the quarter. SPX Technologies accounts for about 4.3% of Corsair Capital Management L.P.'s holdings, making the stock its 8th biggest position. Corsair Capital Management L.P. owned approximately 0.25% of SPX Technologies worth $18,179,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in SPXC. Conestoga Capital Advisors LLC acquired a new stake in shares of SPX Technologies during the 2nd quarter valued at approximately $51,070,000. Select Equity Group L.P. purchased a new stake in SPX Technologies in the 2nd quarter worth approximately $24,904,000. Hood River Capital Management LLC grew its stake in SPX Technologies by 1,342.6% in the 2nd quarter. Hood River Capital Management LLC now owns 187,537 shares of the company's stock worth $26,657,000 after acquiring an additional 174,537 shares during the period. Victory Capital Management Inc. grew its stake in SPX Technologies by 196.9% in the 3rd quarter. Victory Capital Management Inc. now owns 218,993 shares of the company's stock worth $34,921,000 after acquiring an additional 145,225 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in SPX Technologies by 29.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 623,405 shares of the company's stock worth $99,408,000 after acquiring an additional 142,544 shares during the period. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Down 2.2 %

SPXC stock traded down $3.98 during trading on Wednesday, reaching $175.00. The stock had a trading volume of 177,541 shares, compared to its average volume of 249,612. SPX Technologies, Inc. has a 1-year low of $83.98 and a 1-year high of $183.83. 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 P/E ratio of 48.37, a PEG ratio of 1.82 and a beta of 1.22. The firm has a fifty day moving average price of $162.86 and a 200 day moving average price of $151.82.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.38 by $0.01. The firm had revenue of $483.70 million for 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 was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.06 EPS. On average, equities analysts anticipate that SPX Technologies, Inc. will post 5.56 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wolfe Research started coverage on shares of SPX Technologies in a research note on Monday. They set an "outperform" rating and a $199.00 price objective for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $160.33.

SPX Technologies 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.