SPX Technologies, Inc. (NYSE:SPXC) Short Interest Update

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

SPX Technologies Price Performance

SPXC traded up $3.49 during midday trading on Wednesday, hitting $135.99. The stock had a trading volume of 342,649 shares, compared to its average volume of 272,118. SPX Technologies has a 1 year low of $116.05 and a 1 year high of $183.83. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.85. The business has a fifty day moving average of $142.44 and a 200 day moving average of $152.85. The company has a market cap of $6.31 billion, a P/E ratio of 36.56, a price-to-earnings-growth ratio of 1.33 and a beta of 1.26.

Institutional Trading of SPX Technologies

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its position in SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company’s stock valued at $25,000 after purchasing an additional 90 shares during the last quarter. Empowered Funds LLC purchased a new stake in SPX Technologies during the 4th quarter valued at $27,000. Skandinaviska Enskilda Banken AB publ grew its holdings in SPX Technologies by 2,055.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock worth $28,000 after acquiring an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of SPX Technologies by 377.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock valued at $29,000 after acquiring an additional 151 shares during the period. Finally, Spire Wealth Management purchased a new stake in shares of SPX Technologies during the fourth quarter worth about $57,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPXC has been the topic of several research analyst reports. Sidoti raised shares of SPX Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, February 26th. UBS Group decreased their target price on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Finally, Oppenheimer upgraded SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price target for the company in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $174.75.

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.