Maryland State Retirement & Pension System Sells 6,598 Shares of SPX Technologies, Inc. $SPXC

Maryland State Retirement & Pension System cut its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 48.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,101 shares of the company’s stock after selling 6,598 shares during the quarter. Maryland State Retirement & Pension System’s holdings in SPX Technologies were worth $1,326,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SPXC. Twin Peaks Wealth Advisors LLC bought a new stake in shares of SPX Technologies in the 2nd quarter valued at $31,000. Financial Consulate Inc. acquired a new stake in SPX Technologies in the third quarter worth $34,000. MAI Capital Management increased its stake in SPX Technologies by 80.9% in the second quarter. MAI Capital Management now owns 208 shares of the company’s stock valued at $35,000 after purchasing an additional 93 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of SPX Technologies during the third quarter valued at about $42,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of SPX Technologies by 62.8% during the second quarter. EverSource Wealth Advisors LLC now owns 425 shares of the company’s stock valued at $71,000 after purchasing an additional 164 shares during the period. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Stock Performance

Shares of SPXC opened at $216.87 on Wednesday. The firm has a market capitalization of $10.81 billion, a P/E ratio of 46.44, a P/E/G ratio of 1.82 and a beta of 1.33. SPX Technologies, Inc. has a 52 week low of $115.00 and a 52 week high of $233.71. The stock has a 50 day moving average price of $210.06 and a two-hundred day moving average price of $196.69. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.70 and a current ratio of 2.47.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, October 30th. The company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.24. SPX Technologies had a return on equity of 18.68% and a net margin of 10.33%.The company had revenue of $592.80 million for the quarter, compared to analysts’ expectations of $574.32 million. During the same quarter in the previous year, the firm earned $1.39 earnings per share. SPX Technologies’s quarterly revenue was up 22.6% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.650-6.800 EPS. Equities analysts forecast that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on SPXC. B. Riley restated a “buy” rating and issued a $244.00 target price (up from $225.00) on shares of SPX Technologies in a research note on Wednesday, December 10th. Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Cowen restated a “hold” rating on shares of SPX Technologies in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SPX Technologies in a research report on Monday, December 29th. Finally, Truist Financial increased their target price on SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $214.14.

Insiders Place Their Bets

In related news, insider John William Swann III sold 38,755 shares of the business’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total transaction of $7,986,242.85. Following the transaction, the insider directly owned 64,266 shares in the company, valued at approximately $13,243,294.62. The trade was a 37.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider J Randall Data sold 12,000 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the completion of the sale, the insider owned 38,020 shares of the company’s stock, valued at approximately $8,188,367.40. This trade represents a 23.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.32% of the stock is owned by insiders.

About SPX Technologies

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.