Cornerstone Investment Partners LLC Purchases Shares of 2,104 SPX Technologies, Inc. (NYSE:SPXC)

Cornerstone Investment Partners LLC purchased a new stake in SPX Technologies, Inc. (NYSE:SPXC) during the 4th quarter, Holdings Channel reports. The firm purchased 2,104 shares of the company’s stock, valued at approximately $213,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in SPX Technologies by 9.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,482 shares of the company’s stock valued at $1,059,000 after buying an additional 870 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of SPX Technologies during the 4th quarter worth about $2,303,000. Sapient Capital LLC acquired a new position in shares of SPX Technologies during the 4th quarter worth about $384,000. Cerity Partners LLC acquired a new position in shares of SPX Technologies during the 4th quarter worth about $204,000. Finally, Segment Wealth Management LLC acquired a new position in shares of SPX Technologies during the 4th quarter worth about $202,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SPX Technologies

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

SPX Technologies Stock Down 1.2 %

Shares of SPXC opened at $116.23 on Friday. SPX Technologies, Inc. has a 52 week low of $61.09 and a 52 week high of $124.81. The firm has a market cap of $5.38 billion, a P/E ratio of 60.54, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. The firm’s 50-day simple moving average is $116.45 and its 200 day simple moving average is $100.13. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $1.25 EPS for the quarter, meeting analysts’ consensus estimates of $1.25. The business had revenue of $469.40 million for the quarter, compared to analyst estimates of $481.98 million. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. SPX Technologies’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 EPS. On average, analysts forecast that SPX Technologies, Inc. will post 5.03 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. StockNews.com lowered shares of SPX Technologies from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $134.00 price target (up previously from $124.00) on shares of SPX Technologies in a research note on Thursday, March 28th. Finally, UBS Group upped their price target on shares of SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a research note on Wednesday, March 27th.

SPX Technologies Company 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.