Principal Financial Group Inc. Buys 17,524 Shares of SPX Technologies, Inc. $SPXC

Principal Financial Group Inc. raised its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 4.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 445,434 shares of the company’s stock after purchasing an additional 17,524 shares during the quarter. Principal Financial Group Inc. owned approximately 0.89% of SPX Technologies worth $89,060,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital International Investors acquired a new stake in shares of SPX Technologies during the fourth quarter worth $307,494,000. Invesco Ltd. lifted its holdings in SPX Technologies by 62.4% in the third quarter. Invesco Ltd. now owns 1,879,216 shares of the company’s stock valued at $351,000,000 after buying an additional 722,039 shares during the period. Norges Bank bought a new stake in SPX Technologies during the fourth quarter valued at $123,721,000. ArrowMark Colorado Holdings LLC bought a new stake in SPX Technologies during the fourth quarter valued at $34,898,000. Finally, HRT Financial LP acquired a new stake in SPX Technologies during the 4th quarter worth about $31,218,000. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Stock Performance

Shares of SPXC opened at $217.42 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.11 and a quick ratio of 1.39. The stock has a 50-day moving average of $222.33 and a 200-day moving average of $217.10. The company has a market cap of $10.88 billion, a PE ratio of 42.55, a P/E/G ratio of 1.60 and a beta of 1.27. SPX Technologies, Inc. has a one year low of $169.18 and a one year high of $251.08.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.14. The business had revenue of $566.80 million for the quarter, compared to the consensus estimate of $557.62 million. SPX Technologies had a return on equity of 16.98% and a net margin of 10.76%.The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.38 EPS. SPX Technologies has set its FY 2026 guidance at 7.750-8.150 EPS. On average, equities research analysts predict that SPX Technologies, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SPXC shares. Wall Street Zen downgraded SPX Technologies from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. BMO Capital Markets started coverage on SPX Technologies in a research note on Friday, March 27th. They set an “outperform” rating and a $243.00 target price for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of SPX Technologies in a report on Wednesday, July 8th. Truist Financial boosted their price target on SPX Technologies from $261.00 to $295.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Finally, B. Riley Financial restated a “buy” rating on shares of SPX Technologies in a report on Friday, May 1st. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, SPX Technologies has an average rating of “Moderate Buy” and a consensus target price of $254.50.

SPX Technologies Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.