Short Interest in SPX Technologies, Inc. (NYSE:SPXC) Expands By 18.7%

SPX Technologies, Inc. (NYSE:SPXC) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 500,400 shares, a growth of 18.7% from the August 15th total of 421,600 shares. Based on an average trading volume of 225,200 shares, the short-interest ratio is currently 2.2 days. Currently, 1.2% of the shares of the stock are short sold.

SPX Technologies Stock Performance

Shares of NYSE SPXC traded up $0.75 during mid-day trading on Monday, hitting $79.81. The stock had a trading volume of 160,194 shares, compared to its average volume of 218,076. The company has a 50 day moving average of $80.50 and a two-hundred day moving average of $76.05. SPX Technologies has a twelve month low of $53.19 and a twelve month high of $91.93. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.90 and a current ratio of 1.51. The firm has a market cap of $3.64 billion, a PE ratio of 68.16, a PEG ratio of 1.04 and a beta of 1.25.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.84 by $0.22. The business had revenue of $423.30 million during the quarter, compared to analysts’ expectations of $395.72 million. SPX Technologies had a net margin of 3.36% and a return on equity of 16.52%. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.71 EPS. Research analysts predict that SPX Technologies will post 4.26 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. StockNews.com assumed coverage on SPX Technologies in a research note on Thursday, August 17th. They set a “hold” rating for the company. TheStreet raised shares of SPX Technologies from a “c+” rating to a “b-” rating in a research report on Thursday, May 25th. UBS Group lowered shares of SPX Technologies from a “buy” rating to a “neutral” rating and raised their target price for the stock from $80.00 to $90.00 in a research report on Wednesday, July 5th. Finally, Oppenheimer boosted their price target on SPX Technologies from $94.00 to $97.00 and gave the company an “outperform” rating in a report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $93.50.

Insider Activity at SPX Technologies

In other news, VP Natausha Heleena White sold 5,444 shares of SPX Technologies stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $80.32, for a total value of $437,262.08. Following the sale, the vice president now directly owns 35,418 shares of the company’s stock, valued at $2,844,773.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 23,608 shares of company stock valued at $1,869,185. Corporate insiders own 4.02% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

Several hedge funds have recently bought and sold shares of SPXC. Legato Capital Management LLC purchased a new position in SPX Technologies in the second quarter valued at $924,000. Nuveen Asset Management LLC increased its stake in shares of SPX Technologies by 15.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 696,661 shares of the company’s stock valued at $59,195,000 after purchasing an additional 95,812 shares in the last quarter. CreativeOne Wealth LLC acquired a new position in SPX Technologies in the 2nd quarter worth about $627,000. Alliancebernstein L.P. boosted its position in SPX Technologies by 7.0% during the second quarter. Alliancebernstein L.P. now owns 68,576 shares of the company’s stock worth $5,827,000 after purchasing an additional 4,469 shares in the last quarter. Finally, Fairfield Bush & CO. acquired a new stake in SPX Technologies in the second quarter valued at approximately $61,000. Hedge funds and other institutional investors own 89.93% of the company’s stock.

SPX Technologies Company Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. 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 and comfort heating and ventilation products for the residential and commercial markets.