Conestoga Capital Advisors LLC Sells 105,546 Shares of SPX Technologies, Inc. $SPXC

Conestoga Capital Advisors LLC trimmed its stake in SPX Technologies, Inc. (NYSE:SPXC) by 19.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 441,629 shares of the company’s stock after selling 105,546 shares during the quarter. SPX Technologies accounts for 2.3% of Conestoga Capital Advisors LLC’s portfolio, making the stock its 15th biggest position. Conestoga Capital Advisors LLC’s holdings in SPX Technologies were worth $74,883,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Covestor Ltd increased its position in shares of SPX Technologies by 1,063.0% during the third quarter. Covestor Ltd now owns 2,233 shares of the company’s stock valued at $379,000 after buying an additional 2,041 shares during the period. Provenance Wealth Advisors LLC purchased a new stake in SPX Technologies in the third quarter worth about $354,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in SPX Technologies by 81.8% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,000 shares of the company’s stock worth $1,017,000 after buying an additional 2,700 shares during the period. Oppenheimer & Co. Inc. boosted its position in SPX Technologies by 13.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 7,332 shares of the company’s stock valued at $1,243,000 after acquiring an additional 855 shares in the last quarter. Finally, Segment Wealth Management LLC boosted its position in SPX Technologies by 18.3% during the 3rd quarter. Segment Wealth Management LLC now owns 12,025 shares of the company’s stock valued at $2,039,000 after acquiring an additional 1,858 shares in the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Weiss Ratings downgraded SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. B. Riley Financial lowered their target price on SPX Technologies from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, October 26th. Vertical Research began coverage on SPX Technologies in a research report on Monday, September 28th. They set a “buy” rating and a $215.00 price target on the stock. Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Finally, Citigroup reiterated a “buy” rating on shares of SPX Technologies in a report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $240.36.

SPX Technologies Stock Performance

Shares of SPXC stock opened at $153.29 on Thursday. SPX Technologies, Inc. has a one year low of $148.17 and a one year high of $251.08. The company’s 50-day moving average is $175.98 and its 200 day moving average is $206.72. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 20.95, a price-to-earnings-growth ratio of 1.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.84.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Thursday, October 29th. The company reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.09. The business had revenue of $714.50 million during the quarter, compared to analysts’ expectations of $710.38 million. SPX Technologies had a net margin of 11.48% and a return on equity of 16.96%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.84 earnings per share. Sell-side analysts expect that SPX Technologies, Inc. will post 8.39 EPS for the current fiscal year.

SPX Technologies Profile

SPX Technologies, Inc (NYSE:SPXC) is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.