Lord Abbett & CO. LLC Sells 7,855 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Lord Abbett & CO. LLC lowered its position in shares of SPX Technologies, Inc. (NYSE:SPXC) by 3.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 218,302 shares of the company’s stock after selling 7,855 shares during the quarter. Lord Abbett & CO. LLC’s holdings in SPX Technologies were worth $31,768,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of SPX Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 5,031,289 shares of the company’s stock valued at $732,153,000 after acquiring an additional 89,770 shares during the last quarter. Invesco Ltd. raised its stake in shares of SPX Technologies by 3.4% during the 4th quarter. Invesco Ltd. now owns 1,150,781 shares of the company’s stock worth $167,462,000 after purchasing an additional 37,468 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in shares of SPX Technologies by 25.6% in the 4th quarter. Conestoga Capital Advisors LLC now owns 787,795 shares of the company’s stock worth $114,640,000 after buying an additional 160,535 shares during the last quarter. FMR LLC grew its position in SPX Technologies by 8.5% during the fourth quarter. FMR LLC now owns 718,298 shares of the company’s stock valued at $104,527,000 after buying an additional 56,175 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in SPX Technologies by 16.1% during the fourth quarter. JPMorgan Chase & Co. now owns 685,445 shares of the company’s stock worth $99,746,000 after buying an additional 94,893 shares during the last quarter. Institutional investors own 92.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SPXC shares. Sidoti upgraded shares of SPX Technologies from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 26th. Oppenheimer raised SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 target price for the company in a research report on Wednesday, February 26th. Finally, UBS Group lowered their target price on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, SPX Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $174.75.

SPX Technologies Stock Performance

Shares of SPXC opened at $133.77 on Friday. SPX Technologies, Inc. has a 52-week low of $115.00 and a 52-week high of $183.83. The stock’s 50-day simple moving average is $133.96 and its 200 day simple moving average is $148.62. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 35.96, a price-to-earnings-growth ratio of 1.33 and a beta of 1.22.

SPX Technologies 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.