Federated Hermes Inc. Lowers Position in SPX Technologies, Inc. (NYSE:SPXC)

Posted by Defense World Staff on Aug 13th, 2023

Federated Hermes Inc. trimmed its stake in SPX Technologies, Inc. (NYSE:SPXC – Free Report) by 0.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 172,459 shares of the company’s stock after selling 178 shares during the quarter. Federated Hermes Inc. owned about 0.38% of SPX Technologies worth $12,172,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Fairfield Bush & CO. purchased a new stake in SPX Technologies in the first quarter valued at approximately $35,000. Quadrant Capital Group LLC grew its stake in SPX Technologies by 138.8% during the fourth quarter. Quadrant Capital Group LLC now owns 898 shares of the company’s stock worth $59,000 after buying an additional 522 shares during the period. Point72 Middle East FZE purchased a new stake in SPX Technologies during the fourth quarter worth approximately $73,000. Profund Advisors LLC purchased a new stake in SPX Technologies during the fourth quarter worth approximately $202,000. Finally, Cable Hill Partners LLC purchased a new stake in SPX Technologies during the fourth quarter worth approximately $206,000. 90.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPXC has been the subject of several research reports. Oppenheimer boosted their price objective on shares of SPX Technologies from $94.00 to $97.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. TheStreet upgraded shares of SPX Technologies from a “c+” rating to a “b-” rating in a research note on Thursday, May 25th. UBS Group downgraded shares of SPX Technologies from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $80.00 to $90.00 in a research note on Wednesday, July 5th. StockNews.com started coverage on shares of SPX Technologies in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, William Blair started coverage on shares of SPX Technologies in a research note on Monday, April 17th. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $93.50.

Get Our Latest Report on SPXC

Insider Activity at SPX Technologies

In related news, VP John Webster Nurkin sold 11,133 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $76.74, for a total value of $854,346.42. Following the sale, the vice president now directly owns 88,196 shares of the company’s stock, valued at $6,768,161.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.02% of the stock is currently owned by corporate insiders.

SPX Technologies Price Performance

Shares of SPXC stock opened at $78.70 on Friday. The company has a market capitalization of $3.59 billion, a PE ratio of 67.84, a price-to-earnings-growth ratio of 1.03 and a beta of 1.23. The firm has a fifty day simple moving average of $82.50 and a 200-day simple moving average of $74.99. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.45. SPX Technologies, Inc. has a twelve month low of $53.19 and a twelve month high of $91.93.

SPX Technologies (NYSE:SPXC – Get Free Report) last announced its earnings results on Wednesday, August 2nd. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.22. The business had revenue of $423.30 million during the quarter, compared to the consensus estimate of $395.72 million. SPX Technologies had a net margin of 3.36% and a return on equity of 16.52%. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 earnings per share. Equities research analysts anticipate that SPX Technologies, Inc. will post 4.25 earnings per share for the current fiscal year.

SPX Technologies Profile

(Free Report)

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. 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 and comfort heating and ventilation products for the residential and commercial markets.