Maryland State Retirement & Pension System Sells 202 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Maryland State Retirement & Pension System cut its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 1.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,590 shares of the company’s stock after selling 202 shares during the period. Maryland State Retirement & Pension System’s holdings in SPX Technologies were worth $1,676,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SPXC. Raymond James & Associates increased its position in shares of SPX Technologies by 133.1% during the 3rd quarter. Raymond James & Associates now owns 9,832 shares of the company’s stock valued at $800,000 after purchasing an additional 5,614 shares during the last quarter. Brown Advisory Inc. increased its holdings in SPX Technologies by 3.4% in the 3rd quarter. Brown Advisory Inc. now owns 84,307 shares of the company’s stock worth $6,863,000 after acquiring an additional 2,746 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in SPX Technologies by 9.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,612 shares of the company’s stock worth $782,000 after acquiring an additional 819 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in SPX Technologies by 9.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 259,230 shares of the company’s stock worth $21,101,000 after acquiring an additional 22,593 shares during the last quarter. Finally, TIAA Trust National Association purchased a new stake in SPX Technologies in the 3rd quarter worth about $234,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Eugene Joseph Lowe III sold 35,000 shares of SPX Technologies stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the completion of the sale, the chief executive officer now owns 667,045 shares in the company, valued at approximately $76,936,970.30. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the transaction, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the completion of the transaction, the chief executive officer now owns 667,045 shares of the company’s stock, valued at $76,936,970.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,373 shares of company stock worth $10,962,146. 3.53% of the stock is currently owned by insiders.

SPX Technologies Price Performance

NYSE SPXC traded down $0.65 during trading hours on Wednesday, hitting $135.51. The company had a trading volume of 33,455 shares, compared to its average volume of 238,744. SPX Technologies, Inc. has a 52 week low of $71.33 and a 52 week high of $136.49. The firm has a 50 day simple moving average of $119.93 and a 200 day simple moving average of $104.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.70 and a current ratio of 1.12. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of 66.46, a PEG ratio of 1.35 and a beta of 1.24.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.19. The firm had revenue of $465.20 million during the quarter, compared to the consensus estimate of $454.05 million. SPX Technologies had a return on equity of 18.18% and a net margin of 5.32%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter last year, the company posted $0.93 EPS. Equities research analysts expect that SPX Technologies, Inc. will post 5.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. William Blair reissued an “outperform” rating on shares of SPX Technologies in a report on Friday, May 3rd. Oppenheimer lifted their price objective on SPX Technologies from $134.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. StockNews.com upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Finally, UBS Group raised their target price on SPX Technologies from $126.00 to $142.00 and gave the stock a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SPX Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.00.

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.