Kornitzer Capital Management Inc. KS Makes New $1 Million Investment in SPX Technologies, Inc. $SPXC

Kornitzer Capital Management Inc. KS purchased a new position in SPX Technologies, Inc. (NYSE:SPXC) in the third quarter, Holdings Channel.com reports. The firm purchased 5,900 shares of the company’s stock, valued at approximately $1,000,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in shares of SPX Technologies in the second quarter worth about $1,189,365,000. Jupiter Topco LLC bought a new stake in SPX Technologies during the 2nd quarter valued at approximately $465,593,000. First Trust Advisors LP raised its stake in SPX Technologies by 181.4% during the 1st quarter. First Trust Advisors LP now owns 1,362,871 shares of the company’s stock valued at $272,492,000 after purchasing an additional 878,494 shares during the period. Janus Henderson Group PLC lifted its holdings in SPX Technologies by 5.9% in the 1st quarter. Janus Henderson Group PLC now owns 765,245 shares of the company’s stock worth $153,011,000 after purchasing an additional 42,921 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in SPX Technologies by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 445,434 shares of the company’s stock worth $89,060,000 after purchasing an additional 17,524 shares during the period. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at SPX Technologies

In other SPX Technologies news, Director Brian A. Deck bought 1,000 shares of the firm’s stock in a transaction dated Friday, November 6th. The shares were purchased at an average cost of $140.75 per share, for a total transaction of $140,750.00. Following the transaction, the director owned 4,742 shares of the company’s stock, valued at $667,436.50. This represents a 26.72% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.88% of the stock is currently owned by company insiders.

SPX Technologies Trading Down 0.6%

SPXC stock opened at $150.03 on Wednesday. The firm has a fifty day moving average price of $171.50 and a 200 day moving average price of $205.27. SPX Technologies, Inc. has a fifty-two week low of $137.86 and a fifty-two week high of $251.08. The firm has a market cap of $7.52 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 1.00 and a beta of 1.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.84.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Thursday, October 29th. The company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.09. The company had revenue of $714.50 million for the quarter, compared to the consensus estimate of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. SPX Technologies’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.84 earnings per share. Sell-side analysts anticipate that SPX Technologies, Inc. will post 8.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SPXC shares. Zacks Research lowered shares of SPX Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Vertical Research assumed coverage on shares of SPX Technologies in a research report on Monday, September 28th. They set a “buy” rating and a $215.00 target price for the company. Truist Financial reiterated a “buy” rating and issued a $233.00 price target (down from $266.00) on shares of SPX Technologies in a report on Monday, November 2nd. Robert W. Baird started coverage on shares of SPX Technologies in a report on Monday, October 5th. They set an “outperform” rating and a $220.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their price objective on SPX Technologies from $282.00 to $225.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $241.90.

About SPX Technologies

SPX Technologies, Inc. is a global supplier of engineered products and technologies, serving customers in markets that include commercial and residential buildings, infrastructure, and industrial applications. The company operates through its HVAC and Detection and Measurement businesses. Its HVAC products include cooling towers, boilers, heating equipment, ventilation and air treatment systems, and related components. Its Detection and Measurement business provides technologies used to locate and inspect underground utilities, as well as communication and measurement products for specialized applications.