SPX Technologies, Inc. (NYSE:SPXC) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 19.1% during the fourth quarter, Holdings Channel reports. The firm owned 3,953 shares of the company’s stock after selling 935 shares during the period. Fifth Third Bancorp’s holdings in SPX Technologies were worth $575,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in SPXC. Bank of Montreal Can increased its position in SPX Technologies by 13.5% in the second quarter. Bank of Montreal Can now owns 8,244 shares of the company’s stock worth $1,201,000 after buying an additional 978 shares during the period. AQR Capital Management LLC increased its holdings in shares of SPX Technologies by 107.4% in the 2nd quarter. AQR Capital Management LLC now owns 13,243 shares of the company’s stock worth $1,882,000 after acquiring an additional 6,859 shares during the period. The Manufacturers Life Insurance Company lifted its position in SPX Technologies by 5.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,182 shares of the company’s stock valued at $3,722,000 after purchasing an additional 1,288 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in SPX Technologies during the 2nd quarter valued at about $384,000. Finally, Algert Global LLC bought a new position in SPX Technologies in the 2nd quarter worth about $1,147,000. Institutional investors own 92.82% of the company’s stock.

Wall Street Analysts Forecast Growth

SPXC has been the subject of several analyst reports. Sidoti downgraded SPX Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $187.00 to $175.00 in a research report on Friday, December 6th. Wolfe Research began coverage on SPX Technologies in a research report on Monday, November 25th. They set an “outperform” rating and a $199.00 price target for the company. Finally, UBS Group lowered their price target on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $168.50.

SPX Technologies Price Performance

NYSE SPXC opened at $147.20 on Friday. The firm has a market capitalization of $6.82 billion, a PE ratio of 39.57, a P/E/G ratio of 1.39 and a beta of 1.30. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. SPX Technologies, Inc. has a 12 month low of $100.59 and a 12 month high of $183.83. The company’s 50 day simple moving average is $154.66 and its 200 day simple moving average is $155.55.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The company had revenue of $483.70 million for the quarter, compared to the consensus estimate of $501.02 million. During the same quarter in the previous year, the business earned $1.06 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts forecast that SPX Technologies, Inc. will post 5.57 EPS for the current fiscal year.

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.