Norges Bank Purchases Shares of 639,350 SPX Technologies, Inc. (NYSE:SPXC)

Norges Bank purchased a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 639,350 shares of the company's stock, valued at approximately $93,038,000. Norges Bank owned 1.38% of SPX Technologies at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Allworth Financial LP grew its holdings in shares of SPX Technologies by 123.3% during the 4th quarter. Allworth Financial LP now owns 163 shares of the company's stock valued at $25,000 after acquiring an additional 90 shares in the last quarter. Empowered Funds LLC acquired a new position in SPX Technologies in the fourth quarter worth approximately $27,000. Skandinaviska Enskilda Banken AB publ raised its holdings in SPX Technologies by 2,055.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company's stock valued at $28,000 after buying an additional 185 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of SPX Technologies by 377.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock worth $29,000 after buying an additional 151 shares during the last quarter. Finally, Spire Wealth Management bought a new stake in shares of SPX Technologies during the 4th quarter worth about $57,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SPXC. UBS Group cut their price objective on SPX Technologies from $164.00 to $160.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Oppenheimer raised SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price objective for the company in a research report on Wednesday, February 26th. Finally, Sidoti upgraded shares of SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, SPX Technologies currently has an average rating of "Moderate Buy" and an average target price of $174.75.

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SPX Technologies Stock Performance

Shares of NYSE SPXC traded down $4.28 during trading hours on Friday, reaching $122.56. The stock had a trading volume of 676,310 shares, compared to its average volume of 274,143. The company has a market cap of $5.68 billion, a price-to-earnings ratio of 32.95, a PEG ratio of 1.33 and a beta of 1.22. SPX Technologies, Inc. has a twelve month low of $116.05 and a twelve month high of $183.83. The business's fifty day moving average is $140.96 and its two-hundred day moving average is $152.30. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19.

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.