Swedbank AB Cuts Stock Position in SPX Technologies, Inc. (NYSE:SPXC)

Swedbank AB reduced its position in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 25.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,000 shares of the company's stock after selling 50,000 shares during the quarter. Swedbank AB owned 0.32% of SPX Technologies worth $23,919,000 as of its most recent SEC filing.

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

SPX Technologies Stock Performance

NYSE:SPXC traded down $2.58 during midday trading on Tuesday, hitting $178.98. The company's stock had a trading volume of 324,598 shares, compared to its average volume of 249,924. The firm's 50 day moving average is $162.39 and its 200-day moving average is $151.55. The firm has a market cap of $8.30 billion, a P/E ratio of 48.81, a P/E/G ratio of 1.76 and a beta of 1.22. SPX Technologies, Inc. has a fifty-two week low of $83.98 and a fifty-two week high of $183.83. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. The business had revenue of $483.70 million for the quarter, compared to analyst estimates of $501.02 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 EPS. Equities analysts anticipate that SPX Technologies, Inc. will post 5.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wolfe Research assumed coverage on shares of SPX Technologies in a report on Monday. They issued an "outperform" rating and a $199.00 price target for the company. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, SPX Technologies currently has an average rating of "Hold" and a consensus price target of $160.33.

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.