On September 17, 2023, it was reported that Thompson Investment Management Inc. decreased its stake in SPX Technologies, Inc. (NYSE:SPXC) by 28.1% during the second quarter of the year. This information was disclosed in their most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned a total of 3,230 shares in the company after selling off 1,265 shares during the quarter. At the end of the second quarter, Thompson Investment Management Inc.’s remaining holdings in SPX Technologies were valued at $274,000.
In terms of financial performance, SPX Technologies last announced its earnings results on Wednesday, August 2nd. The company surpassed expectations with earnings per share of $1.06 for the quarter, exceeding the consensus estimate of $0.84 by $0.22. With a net margin of 3.36% and a return on equity of 16.52%, SPX Technologies demonstrated positive growth potential.
The firm also reported revenue totaling $423.30 million for the quarter, surpassing analyst estimates of $395.72 million.The quarterly revenue showed an increase of 19.6% compared to the same period in the previous year when EPS stood at $0.71.
Looking ahead to future earnings estimates, analysts predict that SPX Technologies will post EPS of 4.26 for this fiscal year.
Various research analysts have recently provided insights into SPXC shares as well. Oppenheimer raised their price objective for SPX Technologies from $94 to $97 and assigned an “outperform” rating to the stock in a report published on Thursday, August 3rd.
Additionally, StockNews.com initiated coverage on SPX Technologies and rated it as “hold” while UBS Group downgraded it from a “buy” rating to a “neutral” rating but increased their price target from $80 to $90 on Wednesday, July 5th.
Finally, TheStreet upgraded SPX Technologies from a “c+” rating to a “b-” rating on Thursday, May 25th. Currently, according to Bloomberg.com, the stock holds a consensus rating of “Moderate Buy” and an average target price of $93.50.
In conclusion, Thompson Investment Management Inc. reduced its stake in SPX Technologies during the second quarter of this year. Meanwhile, SPX Technologies impressed with strong financial performance in the recent quarter and analysts predict favorable earnings for the current fiscal year. Various research analysts have provided insights and ratings on the stock as well, indicating moderate optimism in its future prospects.
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Institutional Investors and Hedge Funds Show Increased Interest in SPX Technologies
SPX Technologies, Inc., a leading technology company, has recently seen several institutional investors and hedge funds make significant changes to their positions in the company. This news comes as a surprise to many industry experts who have been closely monitoring the investment landscape.
One notable investor, Norges Bank, purchased a new stake in SPX Technologies during the fourth quarter of last year. The stake was worth an approximate sum of $28,629,000. Another prominent investor, Driehaus Capital Management LLC, also acquired a new position in SPX Technologies during the same period. Their stake was valued at $22,390,000.
In addition to these investors, Neuberger Berman Group LLC saw a significant increase in its position in SPX Technologies. Their holdings grew by an astounding 1,934.5% during the fourth quarter of last year. Currently, they own 252,075 shares of the company’s stock with an estimated value of $16,549,000 after purchasing an additional 239,685 shares during this period.
T. Rowe Price Investment Management Inc., on the other hand, took a more conservative approach when it came to increasing its stake in SPX Technologies. They boosted their holdings by 3.9% during the fourth quarter of last year and now own 4,265,310 shares worth approximately $280,018,000.
Lastly, GW&K Investment Management LLC experienced modest growth in its holdings of SPX Technologies during the first quarter of this year. Their holdings increased by 13.4%, amounting to 1,027,799 shares valued at $72,542?,. These numbers indicate that institutional investors and hedge funds are showing increasing interest and confidence in SPX Technologies’ potential for growth.
It is important to note that these investments were made by seasoned professionals who carefully consider market trends and opportunities for growth before making any investment decisions. The fact that such prestigious institutions have chosen to invest in SPX Technologies speaks volumes about the company’s potential and credibility.
In other news, VP Natausha Heleena White recently sold 16,230 shares of SPX Technologies’ stock in a transaction dated August 18th. The average price of the shares sold was $78.69, resulting in a total transaction value of $1,277,138.70. Following this sale, White now holds 35,418 shares in the company, with a market value of approximately $2,787,042.42.
The sale was disclosed through a document filed with the Securities and Exchange Commission (SEC), which can be accessed through their official website. It is worth mentioning that over the last quarter, insiders have sold a total of 23,608 shares of the company’s stock valued at $1,869,185. This represents approximately 4.02% of the total outstanding shares held by insiders.
Shares of SPXC opened at $79.06 on September 17th?,. The company has seen fluctuations in its stock price over the past year with a fifty-two week low of $53.19 and a fifty-two week high of $91.93. Currently trading above its fifty-day moving average price of $80.50 but below its two-hundred-day moving average price of $76.02., investors should closely monitor SPX Technologies’ performance in the coming months.
With a market capitalization standing at $3.60 billion and a price-to-earnings ratio of 68.16?,, SPX Technologies is positioned for continued growth in an ever-evolving technology industry landscape.
