Principal Financial Group Inc. Lowers Position in SPX Technologies, Inc. (NYSE:SPXC)

Principal Financial Group Inc. lowered its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 2.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 532,995 shares of the company’s stock after selling 14,966 shares during the quarter. Principal Financial Group Inc. owned approximately 1.15% of SPX Technologies worth $77,561,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Creative Planning raised its position in shares of SPX Technologies by 17.6% in the 3rd quarter. Creative Planning now owns 15,900 shares of the company’s stock worth $2,535,000 after acquiring an additional 2,374 shares in the last quarter. Raymond James & Associates raised its holdings in SPX Technologies by 30.4% in the third quarter. Raymond James & Associates now owns 57,098 shares of the company’s stock worth $9,105,000 after purchasing an additional 13,312 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in SPX Technologies by 7.1% in the third quarter. Sequoia Financial Advisors LLC now owns 3,301 shares of the company’s stock worth $526,000 after purchasing an additional 219 shares in the last quarter. Signaturefd LLC lifted its position in shares of SPX Technologies by 65.2% during the third quarter. Signaturefd LLC now owns 542 shares of the company’s stock valued at $86,000 after buying an additional 214 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of SPX Technologies by 132.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 120,904 shares of the company’s stock valued at $19,279,000 after buying an additional 68,798 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

SPX Technologies Price Performance

Shares of SPXC opened at $148.90 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The company’s fifty day moving average price is $148.53 and its 200-day moving average price is $155.67. SPX Technologies, Inc. has a 1-year low of $103.11 and a 1-year high of $183.83. The firm has a market capitalization of $6.90 billion, a PE ratio of 40.03, a price-to-earnings-growth ratio of 1.35 and a beta of 1.29.

About SPX Technologies

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.