SPX Technologies, Inc. (NYSE:SPXC) Sees Large Drop in Short Interest

SPX Technologies, Inc. (NYSE:SPXC) was the recipient of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 722,000 shares, a decline of 16.9% from the February 28th total of 869,300 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily volume of 307,600 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Investors Weigh In On SPX Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in SPXC. Vanguard Group Inc. increased its stake in shares of SPX Technologies by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 5,031,289 shares of the company’s stock valued at $732,153,000 after acquiring an additional 89,770 shares during the last quarter. State Street Corp raised its stake in SPX Technologies by 1.3% during the third quarter. State Street Corp now owns 1,729,989 shares of the company’s stock worth $275,864,000 after purchasing an additional 22,177 shares during the period. Invesco Ltd. grew its stake in shares of SPX Technologies by 3.4% during the 4th quarter. Invesco Ltd. now owns 1,150,781 shares of the company’s stock valued at $167,462,000 after buying an additional 37,468 shares during the period. Geode Capital Management LLC increased its holdings in shares of SPX Technologies by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,033,825 shares of the company’s stock worth $164,888,000 after buying an additional 8,916 shares during the last quarter. Finally, Conestoga Capital Advisors LLC boosted its holdings in SPX Technologies by 25.6% in the fourth quarter. Conestoga Capital Advisors LLC now owns 787,795 shares of the company’s stock valued at $114,640,000 after acquiring an additional 160,535 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.

SPX Technologies Trading Down 6.1 %

SPXC stock traded down $8.29 during midday trading on Thursday, hitting $127.33. The stock had a trading volume of 211,853 shares, compared to its average volume of 271,923. The company’s 50-day moving average price is $142.09 and its 200 day moving average price is $152.73. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19. The firm has a market cap of $5.91 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 1.33 and a beta of 1.26. SPX Technologies has a 12-month low of $116.05 and a 12-month high of $183.83.

Analyst Upgrades and Downgrades

SPXC has been the subject of a number of research analyst reports. Sidoti upgraded SPX Technologies from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 26th. Oppenheimer upgraded SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price objective for the company in a research report on Wednesday, February 26th. Finally, UBS Group reduced their price objective on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.75.

SPX Technologies Company 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.