Wellington Management Group LLP Cuts Position in SPX Technologies, Inc. (NYSE:SPXC)

Wellington Management Group LLP trimmed its holdings in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 9.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 273,199 shares of the company's stock after selling 30,082 shares during the quarter. Wellington Management Group LLP owned approximately 0.59% of SPX Technologies worth $43,564,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp raised its holdings in shares of SPX Technologies by 1.3% in the third quarter. State Street Corp now owns 1,729,989 shares of the company's stock worth $275,864,000 after buying an additional 22,177 shares during the period. Earnest Partners LLC grew its stake in 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 in the last quarter. Janus Henderson Group PLC grew its stake in SPX Technologies by 45.3% in the third quarter. Janus Henderson Group PLC now owns 696,713 shares of the company's stock worth $111,100,000 after purchasing an additional 217,316 shares in the last quarter. Conestoga Capital Advisors LLC grew its stake in SPX Technologies by 74.6% in the third quarter. Conestoga Capital Advisors LLC now owns 627,260 shares of the company's stock worth $100,023,000 after purchasing an additional 267,965 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in SPX Technologies by 29.6% in the third 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 in the last quarter. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPXC has been the topic of several research analyst reports. Wolfe Research initiated coverage on SPX Technologies in a research note on Monday, November 25th. They issued an "outperform" rating and a $199.00 price objective on the stock. Sidoti cut SPX Technologies from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $187.00 to $175.00 in a research note on Friday, December 6th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $164.00.

SPX Technologies Stock Down 0.9 %

NYSE SPXC traded down $1.50 during midday trading on Thursday, hitting $159.33. 59,797 shares of the company traded hands, compared to its average volume of 249,908. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The company has a market cap of $7.39 billion, a PE ratio of 43.23, a price-to-earnings-growth ratio of 1.59 and a beta of 1.26. The company's 50-day simple moving average is $164.96 and its 200-day simple moving average is $153.87. SPX Technologies, Inc. has a 52 week low of $90.28 and a 52 week high of $183.83.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.01. The firm had revenue of $483.70 million during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter last year, the firm earned $1.06 EPS. As a group, equities research analysts forecast that SPX Technologies, Inc. will post 5.56 earnings per share for the current year.

SPX Technologies Profile

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.