Peregrine Capital Management LLC Sells 4,876 Shares of SPX Technologies, Inc. $SPXC

Peregrine Capital Management LLC cut its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 5.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 90,805 shares of the company’s stock after selling 4,876 shares during the period. SPX Technologies makes up approximately 0.7% of Peregrine Capital Management LLC’s portfolio, making the stock its 27th biggest position. Peregrine Capital Management LLC owned approximately 0.18% of SPX Technologies worth $18,156,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors acquired a new stake in SPX Technologies during the fourth quarter worth approximately $307,494,000. Invesco Ltd. lifted its stake in SPX Technologies by 62.4% in the third quarter. Invesco Ltd. now owns 1,879,216 shares of the company’s stock valued at $351,000,000 after buying an additional 722,039 shares during the period. Norges Bank bought a new position in shares of SPX Technologies during the 4th quarter worth approximately $123,721,000. AustralianSuper Pty Ltd bought a new position in shares of SPX Technologies during the 3rd quarter worth approximately $41,092,000. Finally, ArrowMark Colorado Holdings LLC acquired a new stake in shares of SPX Technologies during the 4th quarter worth approximately $34,898,000. 92.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SPXC shares. JPMorgan Chase & Co. lifted their price objective on shares of SPX Technologies from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Truist Financial increased their target price on shares of SPX Technologies from $251.00 to $261.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. BMO Capital Markets assumed coverage on shares of SPX Technologies in a report on Friday, March 27th. They issued an “outperform” rating and a $243.00 price target for the company. B. Riley Financial reaffirmed a “buy” rating on shares of SPX Technologies in a research note on Friday, May 1st. Finally, Wells Fargo & Company upped their price objective on shares of SPX Technologies from $225.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $249.44.

SPX Technologies Trading Up 3.0%

Shares of SPX Technologies stock opened at $245.33 on Wednesday. The stock has a market capitalization of $12.28 billion, a PE ratio of 48.01, a price-to-earnings-growth ratio of 1.75 and a beta of 1.28. SPX Technologies, Inc. has a 52 week low of $165.33 and a 52 week high of $251.08. The stock has a 50 day moving average price of $221.42 and a two-hundred day moving average price of $216.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 2.11.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Thursday, April 30th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.14. SPX Technologies had a return on equity of 16.98% and a net margin of 10.76%.The company had revenue of $566.80 million for the quarter, compared to analyst estimates of $557.62 million. During the same period in the prior year, the firm earned $1.38 earnings per share. SPX Technologies’s revenue for the quarter was up 17.4% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 7.750-8.150 EPS. As a group, equities analysts anticipate that SPX Technologies, Inc. will post 7.98 earnings per share for the current fiscal year.

About SPX Technologies

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.