Select Equity Group L.P. Makes New $24.90 Million Investment in SPX Technologies, Inc. (NYSE:SPXC)

Select Equity Group L.P. acquired a new position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 175,208 shares of the company's stock, valued at approximately $24,904,000. Select Equity Group L.P. owned 0.38% of SPX Technologies at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SPXC. Conestoga Capital Advisors LLC acquired a new stake in SPX Technologies in the second quarter worth $51,070,000. Capital World Investors bought a new stake in shares of SPX Technologies during the 4th quarter worth $29,121,000. Nordea Investment Management AB lifted its stake in SPX Technologies by 160.6% during the first quarter. Nordea Investment Management AB now owns 382,490 shares of the company's stock valued at $47,069,000 after buying an additional 235,720 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of SPX Technologies by 86.8% during the first quarter. Principal Financial Group Inc. now owns 443,408 shares of the company's stock valued at $54,597,000 after buying an additional 206,054 shares in the last quarter. Finally, Capital International Investors acquired a new position in SPX Technologies during the first quarter valued at $21,819,000. Institutional investors own 92.82% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Oppenheimer lowered SPX Technologies from an "outperform" rating to a "market perform" rating in a research report on Thursday, July 18th.

SPX Technologies Stock Up 0.4 %

Shares of NYSE:SPXC traded up $0.71 during trading on Friday, reaching $158.74. 68,426 shares of the company traded hands, compared to its average volume of 253,575. SPX Technologies, Inc. has a 1-year low of $77.84 and a 1-year high of $165.13. The company has a quick ratio of 0.81, a current ratio of 1.28 and a debt-to-equity ratio of 0.40. The firm has a market cap of $7.34 billion, a P/E ratio of 77.08, a price-to-earnings-growth ratio of 1.63 and a beta of 1.22. The firm has a fifty day simple moving average of $151.56 and a 200 day simple moving average of $139.05.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.17. SPX Technologies had a return on equity of 19.20% and a net margin of 5.53%. The company had revenue of $501.30 million during the quarter, compared to the consensus estimate of $492.08 million. During the same quarter in the prior year, the company posted $1.06 EPS. The firm's revenue was up 18.4% on a year-over-year basis. Analysts anticipate that SPX Technologies, Inc. will post 5.54 earnings per share for the current fiscal year.

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.