Algert Global LLC Purchases New Stake in SPX Technologies, Inc. (NYSE:SPXC)

Algert Global LLC purchased a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,070 shares of the company's stock, valued at approximately $1,147,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in SPX Technologies by 3.5% during the first quarter. Vanguard Group Inc. now owns 5,173,939 shares of the company's stock worth $637,067,000 after buying an additional 173,021 shares in the last quarter. Earnest Partners LLC increased its position in shares of SPX Technologies by 3.3% in the second quarter. Earnest Partners LLC now owns 1,066,426 shares of the company's stock worth $151,582,000 after purchasing an additional 33,675 shares during the last quarter. Principal Financial Group Inc. raised its stake in SPX Technologies by 17.4% in the second quarter. Principal Financial Group Inc. now owns 520,416 shares of the company's stock valued at $73,972,000 after purchasing an additional 77,008 shares in the last quarter. Bank of New York Mellon Corp lifted its position in SPX Technologies by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 397,605 shares of the company's stock valued at $56,516,000 after purchasing an additional 8,931 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in SPX Technologies by 160.6% in the 1st quarter. Nordea Investment Management AB now owns 382,490 shares of the company's stock worth $47,069,000 after buying an additional 235,720 shares in the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

SPX Technologies Price Performance

NYSE:SPXC traded up $3.67 during mid-day trading on Friday, reaching $162.27. The stock had a trading volume of 197,585 shares, compared to its average volume of 247,546. SPX Technologies, Inc. has a one year low of $77.84 and a one year high of $165.13. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.28. The firm has a 50 day moving average price of $152.84 and a two-hundred day moving average price of $141.02. The stock has a market capitalization of $7.50 billion, a P/E ratio of 79.16, a P/E/G ratio of 1.60 and a beta of 1.21.

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