Fifth Third Bancorp Increases Stock Holdings in SPX Technologies, Inc. $SPXC

Fifth Third Bancorp increased its stake in shares of SPX Technologies, Inc. (NYSE:SPXC) by 5,756.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 126,615 shares of the company’s stock after acquiring an additional 124,453 shares during the quarter. Fifth Third Bancorp’s holdings in SPX Technologies were worth $25,315,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Capital International Investors bought a new position in SPX Technologies during the 4th quarter valued at $307,494,000. Invesco Ltd. grew its stake in shares of SPX Technologies by 62.4% in the 3rd quarter. Invesco Ltd. now owns 1,879,216 shares of the company’s stock worth $351,000,000 after acquiring an additional 722,039 shares in the last quarter. Norges Bank purchased a new stake in shares of SPX Technologies in the fourth quarter valued at about $123,721,000. ArrowMark Colorado Holdings LLC bought a new position in shares of SPX Technologies during the fourth quarter valued at about $34,898,000. Finally, HRT Financial LP bought a new position in shares of SPX Technologies during the fourth quarter valued at about $31,218,000. 92.82% of the stock is owned by hedge funds and other institutional investors.

SPX Technologies Stock Down 2.0%

SPXC opened at $215.58 on Tuesday. SPX Technologies, Inc. has a twelve month low of $169.18 and a twelve month high of $251.08. The company’s 50-day moving average price is $222.03 and its two-hundred day moving average price is $216.97. The stock has a market cap of $10.79 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 1.62 and a beta of 1.27. The company has a quick ratio of 1.39, a current ratio of 2.11 and a debt-to-equity ratio of 0.28.

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

Wall Street Analyst Weigh In

SPXC has been the topic of several analyst reports. Truist Financial boosted their price target on shares of SPX Technologies from $261.00 to $295.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. increased 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. Wells Fargo & Company lifted their target price on shares of SPX Technologies from $225.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. BMO Capital Markets initiated coverage on SPX Technologies in a research note on Friday, March 27th. They issued an “outperform” rating and a $243.00 target price on the stock. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $266.00 target price on shares of SPX Technologies in a report on Thursday. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $254.50.

SPX Technologies Company 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.