SPX Technologies, Inc. (NYSE:SPXC) Short Interest Down 16.9% in March

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

SPX Technologies Stock Performance

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in SPX Technologies in the 4th quarter valued at $93,038,000. JPMorgan Chase & Co. raised its holdings in SPX Technologies by 666.7% during the third quarter. JPMorgan Chase & Co. now owns 590,552 shares of the company’s stock worth $94,169,000 after purchasing an additional 513,526 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in SPX Technologies in the fourth quarter valued at about $32,337,000. Janus Henderson Group PLC boosted its holdings in SPX Technologies by 45.3% in the 3rd quarter. Janus Henderson Group PLC now owns 696,713 shares of the company’s stock valued at $111,100,000 after purchasing an additional 217,316 shares in the last quarter. Finally, First Trust Advisors LP increased its position in SPX Technologies by 54.5% during the 4th quarter. First Trust Advisors LP now owns 553,320 shares of the company’s stock worth $80,519,000 after purchasing an additional 195,153 shares during the period. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

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.