Lord Abbett & CO. LLC Has $36.06 Million Position in SPX Technologies, Inc. (NYSE:SPXC)

Lord Abbett & CO. LLC trimmed its stake in SPX Technologies, Inc. (NYSE:SPXC) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 226,157 shares of the company’s stock after selling 1,675 shares during the quarter. Lord Abbett & CO. LLC owned about 0.49% of SPX Technologies worth $36,063,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Crewe Advisors LLC bought a new stake in SPX Technologies in the 2nd quarter valued at about $28,000. Canada Pension Plan Investment Board acquired a new position in shares of SPX Technologies during the second quarter worth approximately $28,000. V Square Quantitative Management LLC acquired a new stake in SPX Technologies in the 3rd quarter valued at $28,000. UMB Bank n.a. increased its stake in SPX Technologies by 965.0% during the 2nd quarter. UMB Bank n.a. now owns 213 shares of the company’s stock valued at $30,000 after purchasing an additional 193 shares in the last quarter. Finally, ST Germain D J Co. Inc. acquired a new position in SPX Technologies during the third quarter worth $44,000. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Trading Down 1.7 %

Shares of SPX Technologies stock opened at $155.53 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. SPX Technologies, Inc. has a 1 year low of $93.02 and a 1 year high of $183.83. The firm has a market cap of $7.21 billion, a PE ratio of 41.81, a PEG ratio of 1.61 and a beta of 1.26. The company has a 50 day simple moving average of $164.82 and a two-hundred day simple moving average of $154.06.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business had revenue of $483.70 million for the quarter, compared to the consensus estimate of $501.02 million. During the same quarter last year, the business posted $1.06 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Analysts expect that SPX Technologies, Inc. will post 5.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPXC has been the subject of several recent research reports. Wolfe Research assumed coverage on shares of SPX Technologies in a research report on Monday, November 25th. They set an “outperform” rating and a $199.00 target price for the company. Sidoti cut shares of SPX Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $187.00 to $175.00 in a report on Friday, December 6th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, SPX Technologies presently has an average rating of “Hold” and a consensus price target of $164.00.

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.