Channing Capital Management LLC Sells 112,145 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Channing Capital Management LLC trimmed its holdings in shares of SPX Technologies, Inc. (NYSE:SPXC) by 13.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 719,001 shares of the company’s stock after selling 112,145 shares during the period. SPX Technologies comprises approximately 2.1% of Channing Capital Management LLC’s investment portfolio, making the stock its 11th largest holding. Channing Capital Management LLC’s holdings in SPX Technologies were worth $72,626,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in SPX Technologies by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 5,014,424 shares of the company’s stock valued at $408,174,000 after acquiring an additional 50,178 shares during the period. Ameriprise Financial Inc. raised its stake in SPX Technologies by 11.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,579,646 shares of the company’s stock valued at $128,583,000 after acquiring an additional 165,544 shares during the period. FMR LLC raised its stake in SPX Technologies by 23.0% in the 3rd quarter. FMR LLC now owns 1,338,942 shares of the company’s stock valued at $108,990,000 after acquiring an additional 250,494 shares during the period. Artisan Partners Limited Partnership raised its stake in SPX Technologies by 74.9% in the 3rd quarter. Artisan Partners Limited Partnership now owns 703,026 shares of the company’s stock valued at $57,226,000 after acquiring an additional 301,084 shares during the period. Finally, Northern Trust Corp raised its stake in SPX Technologies by 0.3% in the 3rd quarter. Northern Trust Corp now owns 510,197 shares of the company’s stock valued at $41,530,000 after acquiring an additional 1,466 shares during the period. 92.82% of the stock is currently owned by institutional investors.

SPX Technologies Price Performance

Shares of SPXC traded up $8.99 during midday trading on Friday, hitting $130.94. 626,305 shares of the company traded hands, compared to its average volume of 247,577. The stock has a 50-day moving average of $118.99 and a 200-day moving average of $103.28. SPX Technologies, Inc. has a one year low of $61.09 and a one year high of $132.79. The firm has a market cap of $6.06 billion, a P/E ratio of 63.87, a PEG ratio of 1.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08.

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

Insider Transactions at SPX Technologies

In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $115.34, for a total value of $4,036,900.00. Following the transaction, the chief executive officer now owns 667,045 shares of the company’s stock, valued at $76,936,970.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the sale, the chief executive officer now owns 667,045 shares in the company, valued at approximately $76,936,970.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,373 shares of company stock valued at $10,962,146. 3.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. UBS Group boosted their price objective on SPX Technologies from $90.00 to $126.00 and gave the company a “neutral” rating in a research note on Wednesday, March 27th. StockNews.com upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Oppenheimer upped their price target on SPX Technologies from $134.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday.

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.