Principal Financial Group Inc. Lowers Stake in SPX Technologies, Inc. (NYSE:SPXC)

Principal Financial Group Inc. trimmed its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 2.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 532,995 shares of the company's stock after selling 14,966 shares during the period. Principal Financial Group Inc. owned approximately 1.15% of SPX Technologies worth $77,561,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Creative Planning raised its holdings in SPX Technologies by 17.6% in the third quarter. Creative Planning now owns 15,900 shares of the company's stock worth $2,535,000 after buying an additional 2,374 shares during the last quarter. Raymond James & Associates raised its holdings in SPX Technologies by 30.4% in the 3rd quarter. Raymond James & Associates now owns 57,098 shares of the company's stock worth $9,105,000 after acquiring an additional 13,312 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in SPX Technologies by 7.1% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 3,301 shares of the company's stock worth $526,000 after acquiring an additional 219 shares during the last quarter. Signaturefd LLC lifted its position in SPX Technologies by 65.2% in the 3rd quarter. Signaturefd LLC now owns 542 shares of the company's stock valued at $86,000 after acquiring an additional 214 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in SPX Technologies by 132.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 120,904 shares of the company's stock valued at $19,279,000 after purchasing an additional 68,798 shares during the last quarter. 92.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Sidoti downgraded SPX Technologies from a "buy" rating to a "neutral" rating and lowered their price target for the company from $187.00 to $175.00 in a report on Friday, December 6th. Wolfe Research began coverage on shares of SPX Technologies in a research note on Monday, November 25th. They set an "outperform" rating and a $199.00 target price on the stock. Finally, UBS Group reduced their price target on shares of SPX Technologies from $164.00 to $160.00 and set a "neutral" rating for the company in a research note on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $168.50.

SPX Technologies Stock Performance

SPXC stock traded down $6.12 during trading on Friday, reaching $140.55. The stock had a trading volume of 144,357 shares, compared to its average volume of 283,091. The stock's 50 day moving average is $148.06 and its two-hundred day moving average is $155.56. The firm has a market cap of $6.52 billion, a PE ratio of 37.72, a PEG ratio of 1.35 and a beta of 1.29. SPX Technologies, Inc. has a 52 week low of $103.11 and a 52 week 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.

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.