Cornerstone Investment Partners LLC Buys Shares of 2,104 SPX Technologies, Inc. (NYSE:SPXC)

Cornerstone Investment Partners LLC bought a new stake in shares of SPX Technologies, Inc. (NYSE:SPXC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,104 shares of the company’s stock, valued at approximately $213,000.

Several other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in SPX Technologies by 9.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,482 shares of the company’s stock valued at $1,059,000 after purchasing an additional 870 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of SPX Technologies in the fourth quarter worth $2,303,000. Sapient Capital LLC acquired a new position in shares of SPX Technologies in the fourth quarter worth $384,000. Cerity Partners LLC acquired a new position in shares of SPX Technologies in the fourth quarter worth $204,000. Finally, Segment Wealth Management LLC acquired a new position in shares of SPX Technologies in the fourth quarter worth $202,000. 92.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPXC. StockNews.com downgraded shares of SPX Technologies from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. UBS Group upped their price target on shares of SPX Technologies from $90.00 to $126.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 27th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $134.00 price target (up from $124.00) on shares of SPX Technologies in a research note on Thursday, March 28th.

SPX Technologies Stock Down 1.2 %

SPXC stock opened at $116.23 on Friday. 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, Inc. has a 52-week low of $61.09 and a 52-week high of $124.81. The company has a 50-day moving average of $116.45 and a two-hundred day moving average of $100.13. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 60.54, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, February 22nd. The company reported $1.25 earnings per share for the quarter, meeting the consensus estimate of $1.25. SPX Technologies had a net margin of 5.16% and a return on equity of 17.30%. The business had revenue of $469.40 million during the quarter, compared to analysts’ expectations of $481.98 million. During the same quarter last year, the company earned $1.17 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. As a group, equities research analysts anticipate that SPX Technologies, Inc. will post 5.03 EPS for the current year.

Insider Activity at SPX Technologies

In related news, insider John William Swann III sold 32,325 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the sale, the insider now owns 82,884 shares in the company, valued at $9,747,987.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other SPX Technologies news, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s stock in a transaction dated 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 owns 597,936 shares in the company, valued at $69,049,649.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John William Swann III sold 32,325 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was 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 of the company’s stock, valued at approximately $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 worth $10,962,146. Company insiders own 3.53% of the company’s stock.

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.