Principal Financial Group Inc. Reduces Stock Holdings in SPX Technologies, Inc. (NYSE:SPXC)

Principal Financial Group Inc. lowered its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 2.7% during the fourth quarter, Holdings Channel reports. The fund owned 532,995 shares of the company’s stock after selling 14,966 shares during the quarter. Principal Financial Group Inc.’s holdings in SPX Technologies were worth $77,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Mutual of America Capital Management LLC lifted its holdings in SPX Technologies by 212.5% in the third quarter. Mutual of America Capital Management LLC now owns 23,744 shares of the company’s stock valued at $3,786,000 after acquiring an additional 16,145 shares during the period. Barclays PLC lifted its stake in shares of SPX Technologies by 299.0% in the 3rd quarter. Barclays PLC now owns 84,567 shares of the company’s stock valued at $13,485,000 after purchasing an additional 63,373 shares during the period. Geode Capital Management LLC boosted its holdings in SPX Technologies by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,033,825 shares of the company’s stock worth $164,888,000 after buying an additional 8,916 shares in the last quarter. Nordea Investment Management AB grew its position in SPX Technologies by 5.0% during the fourth quarter. Nordea Investment Management AB now owns 365,583 shares of the company’s stock valued at $53,203,000 after buying an additional 17,324 shares during the period. Finally, Corsair Capital Management L.P. grew its position in SPX Technologies by 80,185.2% during the third quarter. Corsair Capital Management L.P. now owns 114,005 shares of the company’s stock valued at $18,179,000 after buying an additional 113,863 shares during the period. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SPXC shares. UBS Group lowered their target price on shares of SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Wolfe Research assumed coverage on SPX Technologies in a research report on Monday, November 25th. They set an “outperform” rating and a $199.00 price target on the stock. Finally, Sidoti cut SPX Technologies from a “buy” rating to a “neutral” rating and cut their price objective for the company from $187.00 to $175.00 in a research report on Friday, December 6th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, SPX Technologies currently has an average rating of “Hold” and a consensus price target of $168.50.

SPX Technologies Stock Down 1.6 %

SPXC stock opened at $148.90 on Thursday. SPX Technologies, Inc. has a 52 week low of $103.11 and a 52 week high of $183.83. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. The firm has a 50-day simple moving average of $148.53 and a 200-day simple moving average of $155.67. The stock has a market capitalization of $6.90 billion, a P/E ratio of 40.03, a P/E/G ratio of 1.35 and a beta of 1.29.

About SPX Technologies

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.