Kornitzer Capital Management Inc. KS Buys New Shares in SPX Technologies, Inc. $SPXC

Kornitzer Capital Management Inc. KS purchased a new position in SPX Technologies, Inc. (NYSE:SPXC) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 5,900 shares of the company’s stock, valued at approximately $1,000,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Amundi raised its stake in SPX Technologies by 31.2% during the second quarter. Amundi now owns 324,732 shares of the company’s stock valued at $79,645,000 after buying an additional 77,148 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in SPX Technologies by 181.2% in the second quarter. Hsbc Holdings PLC now owns 9,106 shares of the company’s stock worth $2,222,000 after acquiring an additional 5,868 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of SPX Technologies in the first quarter worth $1,000,000. Squarepoint Ops LLC purchased a new stake in shares of SPX Technologies in the second quarter worth $14,194,000. Finally, Bank of America Corp DE purchased a new stake in shares of SPX Technologies in the second quarter worth $86,545,000. 92.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SPXC shares. Oppenheimer lowered their price target on SPX Technologies from $265.00 to $260.00 and set an “outperform” rating for the company in a research report on Monday, November 2nd. Weiss Ratings downgraded shares of SPX Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, November 3rd. Vertical Research started coverage on shares of SPX Technologies in a research report on Monday, September 28th. They set a “buy” rating and a $215.00 price objective on the stock. B. Riley Financial reduced their price objective on shares of SPX Technologies from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, October 26th. Finally, Wall Street Zen downgraded shares of SPX Technologies from a “buy” rating to a “hold” rating in a research note on Sunday. One investment 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. Based on data from MarketBeat, SPX Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.90.

Insider Activity at SPX Technologies

In other news, Director Brian A. Deck purchased 1,000 shares of the business’s stock in a transaction on Friday, November 6th. The stock was acquired at an average cost of $140.75 per share, for a total transaction of $140,750.00. Following the purchase, the director directly owned 4,742 shares in the company, valued at $667,436.50. This trade represents a 26.72% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.88% of the stock is owned by insiders.

SPX Technologies Trading Down 0.6%

Shares of NYSE:SPXC opened at $150.03 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.17. The company has a market cap of $7.52 billion, a P/E ratio of 19.35, a PEG ratio of 1.00 and a beta of 1.26. The stock’s fifty day moving average price is $171.50 and its 200-day moving average price is $205.27. SPX Technologies, Inc. has a 1 year low of $137.86 and a 1 year high of $251.08.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Thursday, October 29th. The company reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.09. The firm 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 firm’s quarterly revenue was up 20.5% on a year-over-year basis. 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 earnings per share for the current year.

About SPX Technologies

SPX Technologies, Inc. is a global supplier of engineered products and technologies, serving customers in markets that include commercial and residential buildings, infrastructure, and industrial applications. The company operates through its HVAC and Detection and Measurement businesses. Its HVAC products include cooling towers, boilers, heating equipment, ventilation and air treatment systems, and related components. Its Detection and Measurement business provides technologies used to locate and inspect underground utilities, as well as communication and measurement products for specialized applications.