Cynosure Group LLC Makes New Investment in SPX Technologies, Inc. (NYSE:SPXC)

Cynosure Group LLC acquired a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC) in the third quarter, Holdings Channel reports. The fund acquired 2,357 shares of the company’s stock, valued at approximately $376,000.

Several other institutional investors have also made changes to their positions in SPXC. Assetmark Inc. lifted its position in shares of SPX Technologies by 4.7% in the 3rd quarter. Assetmark Inc. now owns 1,745 shares of the company’s stock valued at $278,000 after acquiring an additional 78 shares in the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of SPX Technologies by 4.3% in the second quarter. Evergreen Capital Management LLC now owns 3,538 shares of the company’s stock valued at $503,000 after purchasing an additional 146 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of SPX Technologies by 1.6% during the third quarter. PNC Financial Services Group Inc. now owns 10,233 shares of the company’s stock valued at $1,632,000 after buying an additional 158 shares in the last quarter. KBC Group NV raised its position in SPX Technologies by 14.3% during the third quarter. KBC Group NV now owns 1,295 shares of the company’s stock valued at $207,000 after buying an additional 162 shares during the period. Finally, Fifth Third Bancorp lifted its stake in SPX Technologies by 3.8% in the 2nd quarter. Fifth Third Bancorp now owns 4,698 shares of the company’s stock worth $668,000 after acquiring an additional 174 shares in the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Trading Down 2.2 %

SPX Technologies stock opened at $175.00 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. SPX Technologies, Inc. has a 12 month low of $83.98 and a 12 month high of $183.83. The company’s fifty day simple moving average is $163.50 and its 200-day simple moving average is $152.14. The stock has a market cap of $8.11 billion, a P/E ratio of 47.04, a P/E/G ratio of 1.75 and a beta of 1.22.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Wednesday, October 30th. The company reported $1.39 EPS for the quarter, beating 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 firm 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 company posted $1.06 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts forecast that SPX Technologies, Inc. will post 5.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research began coverage on SPX Technologies in a research note on Monday. They set an “outperform” rating and a $199.00 target price on the stock. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $160.33.

SPX Technologies 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.