Several large institutional investors have recently made changes to their positions in SPX Technologies, Inc., according to recent filings with the Securities and Exchange Commission. New Century Advisors LLC increased its stake in the company by 62.7% during Q3, while other investors like Fairfield Bush & CO., Lazard Asset Management LLC, Keybank National Association OH, and PDT Partners LLC acquired new positions during Q3. The company’s financial performance has been attracting attention from research firms like Oppenheimer, who increased their target price in February 2021 and gave an “outperform” rating. Meanwhile, in March 2021, StockNews.com initiated coverage on SPX Technologies and gave a “hold” rating on the stock. An insider selling transaction was filed with SEC for Mr. J Randall Data, who unloaded around 12,500 shares of common stock on March 21st, 2021. Corporate insiders currently own 3.70% of the company’s stock. The company operates through HVAC infrastructure equipment supply to both industrial and commercial markets, and its recent financial performance is a positive outlook for investors looking for a stable ROI.
Maryland State Retirement & Pension System recently made a strategic investment in SPX Technologies, Inc. The institutional investor acquired 18,601 shares of the company’s stock, valued at around $1,221,000 during the fourth quarter of last year. SPX Technologies is a US-based infrastructure equipment supplier, operating in two segments, HVAC and Detection and Measurement. The HVAC segment offers cooling products and air quality solutions for industrial and HVAC markets, as well as heating and ventilation products for residential and commercial markets. The Detection and Measurement segment provides analytical instruments for various industries, ranging from pharmaceuticals to petrochemicals.
SPX Technologies recently reported better than expected quarterly earnings. For the quarter ending December 31, 2020, the company achieved revenue of $429.30 million compared to the expected revenue of $416 million, which is an increase of 22.7% on a year-over-year basis. The company has an impressive return on equity of 13.14% and a net margin of 0.01%. Additionally, it posted earnings per share (EPS) of $1.17, surpassing analysts’ consensus estimate by $0.19 EPS. According to sell-side analysts, SPX Technologies is estimated to post EPS of 3.49 for this fiscal year.
Despite market uncertainty caused by global events such as the COVID-19 pandemic, Maryland State Retirement & Pension System’s investment in SPX Technologies shows confidence in the company’s success trajectory. The investment is a positive outlook for investors looking for a stable ROI.
In other investment news, major shareholders have made significant changes to their positions in SPX Technologies.
Several large investors have made adjustments to their positions in SPX Technologies as recent filings with the Securities and Exchange Commission (SEC) indicate. During Q3, New Century Advisors LLC increased its stake in the company by 62.7%, while Fairfield Bush & CO. acquired a new position valued at approximately $35,000 during Q1. Lazard Asset Management LLC and Keybank National Association OH also acquired new positions during Q3 valued at around $82,000 and $201,000, respectively. PDT Partners LLC acquired a new position in Q3 that is also valued at around $201,000.
Institutional investors and hedge funds currently own 92.06% of SPX Technologies’ stock, which opened on Wednesday morning at a rate of $69.46 per share on the New York Stock Exchange (NYSE). With a market cap of $3.15 billion, the company operates through HVAC infrastructure equipment supply to both industrial and commercial markets. The company has a P/E ratio of negative 6,946,000.00, a PEG ratio of 1.06, and a beta value of 1.23.
SPX Technologies’ recent financial performance has been attracting attention from various research firms like Oppenheimer, which increased their target price up from $77 per share to reach $82 per share in February 2021 and gave an “outperform” rating. Meanwhile, in March 2021, StockNews.com initiated coverage on SPX Technologies and gave a “hold” rating on the stock.
On March 21st, 2021, an insider selling transaction was filed with SEC for Mr. J Randall Data. He unloaded around 12,500 shares of common stock for not less than $877,750 or more. After the sale, Mr. J Randall Data has possession of 79,624 SPXC stocks worth $5,591,197.28. Corporate insiders currently own 3.70% of the company’s stock.
In light of these changes and developments, investors may want to consider their positions regarding SPX Technologies based on both market trends and specific research from reputable sources.
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