Harvest Fund Management Co. Ltd Boosts Position in SPX Technologies, Inc. (NYSE:SPXC)

Harvest Fund Management Co. Ltd boosted its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 765.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,580 shares of the company’s stock after buying an additional 4,051 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in SPX Technologies were worth $730,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Algert Global LLC raised its position in SPX Technologies by 49.6% during the 3rd quarter. Algert Global LLC now owns 12,070 shares of the company’s stock worth $1,925,000 after buying an additional 4,000 shares during the last quarter. Cerity Partners LLC grew its stake in shares of SPX Technologies by 43.5% during the 3rd quarter. Cerity Partners LLC now owns 3,434 shares of the company’s stock worth $548,000 after purchasing an additional 1,041 shares during the period. Citigroup Inc. grew its stake in shares of SPX Technologies by 50.6% during the 3rd quarter. Citigroup Inc. now owns 69,138 shares of the company’s stock worth $11,025,000 after purchasing an additional 23,236 shares during the period. Raymond James Trust N.A. grew its stake in shares of SPX Technologies by 16.8% during the 3rd quarter. Raymond James Trust N.A. now owns 3,195 shares of the company’s stock worth $509,000 after purchasing an additional 459 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of SPX Technologies by 29.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 623,405 shares of the company’s stock worth $99,408,000 after purchasing an additional 142,544 shares during the period. 92.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

SPX Technologies Price Performance

SPX Technologies stock opened at $181.56 on Tuesday. The company’s fifty day moving average price is $162.39 and its 200 day moving average price is $151.55. SPX Technologies, Inc. has a 1 year low of $83.98 and a 1 year high of $183.83. The stock has a market capitalization of $8.42 billion, a P/E ratio of 48.81, a P/E/G ratio of 1.76 and a beta of 1.22. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a net margin of 9.11% and a return on equity of 19.70%. The firm had revenue of $483.70 million for the quarter, compared to analysts’ expectations of $501.02 million. During the same quarter last year, the company earned $1.06 EPS. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, equities research analysts anticipate that SPX Technologies, Inc. will post 5.56 earnings per share 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.