SPX Technologies, Inc. $SPXC Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 11.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 550,863 shares of the company’s stock after acquiring an additional 55,482 shares during the period. Principal Financial Group Inc. owned 1.18% of SPX Technologies worth $102,890,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SPXC. Hazlett Burt & Watson Inc. acquired a new stake in shares of SPX Technologies during the 3rd quarter worth about $28,000. Cullen Frost Bankers Inc. raised its position in shares of SPX Technologies by 52.9% in the third quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock valued at $29,000 after buying an additional 54 shares during the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in shares of SPX Technologies during the second quarter valued at approximately $31,000. Financial Consulate Inc. acquired a new stake in SPX Technologies during the third quarter worth approximately $34,000. Finally, MAI Capital Management grew its stake in SPX Technologies by 80.9% in the 2nd quarter. MAI Capital Management now owns 208 shares of the company’s stock worth $35,000 after acquiring an additional 93 shares during the period. Institutional investors and hedge funds own 92.82% of the company’s stock.

SPX Technologies Stock Performance

NYSE SPXC opened at $212.76 on Tuesday. The firm has a market capitalization of $10.60 billion, a P/E ratio of 45.56, a P/E/G ratio of 1.74 and a beta of 1.32. SPX Technologies, Inc. has a 1-year low of $115.00 and a 1-year high of $233.71. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.47 and a quick ratio of 1.70. The business’s 50-day simple moving average is $211.00 and its 200-day simple moving average is $199.25.

Insider Activity at SPX Technologies

In other SPX Technologies news, insider John William Swann III sold 38,755 shares of SPX Technologies stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total transaction of $7,986,242.85. Following the transaction, the insider directly owned 64,266 shares of the company’s stock, valued at $13,243,294.62. The trade was a 37.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider J Randall Data sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the sale, the insider owned 38,020 shares of the company’s stock, valued at approximately $8,188,367.40. This represents a 23.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.32% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPXC. Bank of America began coverage on SPX Technologies in a research note on Wednesday, October 8th. They set a “neutral” rating and a $202.00 price target on the stock. Truist Financial increased their target price on SPX Technologies from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Wall Street Zen raised SPX Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Wells Fargo & Company initiated coverage on shares of SPX Technologies in a research note on Tuesday, October 14th. They set an “overweight” rating and a $205.00 price objective for the company. Finally, B. Riley reiterated a “buy” rating and set a $244.00 price objective (up from $225.00) on shares of SPX Technologies in a report on Wednesday, December 10th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $214.14.

SPX Technologies Profile

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.