SPX Technologies, Inc. (NYSE:SPXC) Sees Significant Growth in Short Interest

SPX Technologies, Inc. (NYSE:SPXC) was the recipient of a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 634,600 shares, an increase of 21.8% from the January 31st total of 521,000 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average trading volume of 286,800 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analyst Weigh In

SPXC has been the topic of several research analyst reports. UBS Group lowered their price target on shares of SPX Technologies from $164.00 to $160.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Wolfe Research began coverage on shares of SPX Technologies in a report on Monday, November 25th. They issued an “outperform” rating and a $199.00 price target on the stock. Oppenheimer raised shares of SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 target price on the stock in a report on Wednesday, February 26th. Finally, Sidoti raised shares of SPX Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, SPX Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $174.75.

SPX Technologies Stock Performance

NYSE SPXC opened at $137.06 on Friday. 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 firm has a market capitalization of $6.36 billion, a price-to-earnings ratio of 36.84, a P/E/G ratio of 1.33 and a beta of 1.26. The firm’s 50 day simple moving average is $146.34 and its 200 day simple moving average is $154.95. SPX Technologies has a 1 year low of $113.18 and a 1 year high of $183.83.

Institutional Trading of SPX Technologies

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position 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 worth $732,153,000 after acquiring an additional 89,770 shares in the last quarter. State Street Corp boosted its position in SPX Technologies by 1.3% in the third quarter. State Street Corp now owns 1,729,989 shares of the company’s stock valued at $275,864,000 after buying an additional 22,177 shares in the last quarter. Invesco Ltd. boosted its position in SPX Technologies by 3.4% in the fourth 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 in the last quarter. Geode Capital Management LLC boosted its position in SPX Technologies by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,033,825 shares of the company’s stock valued at $164,888,000 after buying an additional 8,916 shares in the last quarter. Finally, Conestoga Capital Advisors LLC boosted its position 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 buying an additional 160,535 shares in the last quarter. Institutional investors and hedge funds own 92.82% of the company’s stock.

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.