Corsair Capital Management L.P. Acquires 113,863 Shares of SPX Technologies, Inc. (NYSE:SPXC)

Corsair Capital Management L.P. boosted its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 80,185.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 114,005 shares of the company’s stock after purchasing an additional 113,863 shares during the quarter. SPX Technologies makes up 4.3% of Corsair Capital Management L.P.’s portfolio, making the stock its 8th biggest holding. Corsair Capital Management L.P. owned approximately 0.25% of SPX Technologies worth $18,179,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. American Century Companies Inc. increased its position in SPX Technologies by 195.2% during the 2nd quarter. American Century Companies Inc. now owns 14,492 shares of the company’s stock worth $2,060,000 after purchasing an additional 9,582 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of SPX Technologies by 15.7% in the second quarter. Victory Capital Management Inc. now owns 73,768 shares of the company’s stock valued at $10,485,000 after purchasing an additional 10,010 shares during the period. Diversified Trust Co acquired a new stake in SPX Technologies during the 2nd quarter valued at $798,000. Dana Investment Advisors Inc. purchased a new stake in SPX Technologies during the 2nd quarter worth $855,000. Finally, Park Avenue Securities LLC acquired a new position in SPX Technologies in the 2nd quarter worth $607,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Wolfe Research assumed coverage on SPX Technologies in a research report on Monday. They set an “outperform” rating and a $199.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, SPX Technologies presently has a consensus rating of “Hold” and an average price target of $160.33.

SPX Technologies Stock Performance

SPXC stock opened at $178.98 on Wednesday. The stock’s fifty day moving average is $162.86 and its two-hundred day moving average is $151.82. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of 48.11, a PEG ratio of 1.82 and a beta of 1.22. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. SPX Technologies, Inc. has a 1 year low of $83.98 and a 1 year high of $183.83.

SPX Technologies (NYSE:SPXC) last announced its earnings results on Wednesday, October 30th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. The firm had revenue of $483.70 million for the quarter, compared to the consensus estimate of $501.02 million. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.06 EPS. On average, research analysts predict that SPX Technologies, Inc. will post 5.56 EPS for the current year.

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.