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

SPX Technologies, Inc. (NYSE:SPXC) saw a significant decline in short interest in 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. Based on an average daily trading volume, of 307,600 shares, the short-interest ratio is presently 2.3 days. Currently, 1.6% of the company’s stock are sold short.

Institutional Trading of SPX Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company’s stock worth $25,000 after purchasing an additional 90 shares during the last quarter. Empowered Funds LLC acquired a new position in SPX Technologies in the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in SPX Technologies by 377.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock worth $29,000 after buying an additional 151 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in SPX Technologies by 2,055.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock valued at $28,000 after acquiring an additional 185 shares during the period. Finally, Covestor Ltd boosted its holdings in shares of SPX Technologies by 313.8% in the 4th quarter. Covestor Ltd now owns 389 shares of the company’s stock valued at $57,000 after acquiring an additional 295 shares during the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Oppenheimer raised SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 target price on the stock in a research report on Wednesday, February 26th. UBS Group dropped 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. Finally, Sidoti upgraded SPX Technologies from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $174.75.

SPX Technologies Stock Performance

Shares of NYSE:SPXC traded up $3.52 on Tuesday, hitting $132.30. 336,685 shares of the company were exchanged, compared to its average volume of 271,964. The company has a current ratio of 1.85, a quick ratio of 1.19 and a debt-to-equity ratio of 0.49. The stock’s 50 day moving average price is $142.86 and its 200 day moving average price is $152.98. SPX Technologies has a 1-year low of $116.05 and a 1-year high of $183.83. The firm has a market capitalization of $6.14 billion, a P/E ratio of 35.56, a price-to-earnings-growth ratio of 1.33 and a beta of 1.26.

About SPX Technologies

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.