Channing Capital Management LLC Has $72.63 Million Position in SPX Technologies, Inc. (NYSE:SPXC)

Channing Capital Management LLC cut its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 13.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 719,001 shares of the company’s stock after selling 112,145 shares during the quarter. SPX Technologies makes up 2.1% of Channing Capital Management LLC’s portfolio, making the stock its 11th largest position. Channing Capital Management LLC owned about 1.58% of SPX Technologies worth $72,626,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Artisan Partners Limited Partnership grew its holdings in SPX Technologies by 74.9% during the third quarter. Artisan Partners Limited Partnership now owns 703,026 shares of the company’s stock worth $57,226,000 after purchasing an additional 301,084 shares during the period. FMR LLC increased its holdings in shares of SPX Technologies by 23.0% during the 3rd quarter. FMR LLC now owns 1,338,942 shares of the company’s stock worth $108,990,000 after acquiring an additional 250,494 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of SPX Technologies by 11.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,579,646 shares of the company’s stock worth $128,583,000 after acquiring an additional 165,544 shares during the last quarter. Robeco Schweiz AG bought a new stake in SPX Technologies in the 3rd quarter valued at $10,977,000. Finally, New York State Common Retirement Fund lifted its holdings in SPX Technologies by 21.2% during the 3rd quarter. New York State Common Retirement Fund now owns 430,537 shares of the company’s stock valued at $35,046,000 after purchasing an additional 75,192 shares during the last quarter. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider John William Swann III sold 32,325 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the sale, the insider now owns 82,884 shares in the company, valued at approximately $9,747,987.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the transaction, the chief executive officer now directly owns 597,936 shares in the company, valued at $69,049,649.28. The disclosure for this sale can be found here. Insiders have sold a total of 94,373 shares of company stock worth $10,962,146 in the last 90 days. Company insiders own 3.53% of the company’s stock.

SPX Technologies Stock Performance

NYSE:SPXC traded up $8.99 during mid-day trading on Friday, reaching $130.94. 626,305 shares of the company’s stock were exchanged, compared to its average volume of 247,577. SPX Technologies, Inc. has a one year low of $61.09 and a one year high of $132.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The business’s fifty day simple moving average is $118.99 and its two-hundred day simple moving average is $103.28. The firm has a market capitalization of $6.06 billion, a PE ratio of 63.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The firm had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. During the same quarter in the prior year, the business posted $0.93 EPS. The business’s revenue was up 16.4% compared to the same quarter last year. Analysts anticipate that SPX Technologies, Inc. will post 5.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPXC. Oppenheimer increased their price objective on shares of SPX Technologies from $134.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday. UBS Group boosted their price objective on SPX Technologies from $90.00 to $126.00 and gave the stock a “neutral” rating in a report on Wednesday, March 27th. Finally, StockNews.com upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research note on Friday.

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.