Short Interest in SPX Technologies, Inc. (NYSE:SPXC) Grows By 37.0%

SPX Technologies, Inc. (NYSE:SPXC) was the target of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 869,300 shares, a growth of 37.0% from the February 13th total of 634,600 shares. Based on an average daily trading volume, of 302,900 shares, the days-to-cover ratio is presently 2.9 days. Approximately 1.9% of the company’s stock are sold short.

Hedge Funds Weigh In On SPX Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mutual of America Capital Management LLC lifted its position in SPX Technologies by 212.5% during the 3rd quarter. Mutual of America Capital Management LLC now owns 23,744 shares of the company’s stock worth $3,786,000 after acquiring an additional 16,145 shares during the period. Barclays PLC raised its stake in shares of SPX Technologies by 299.0% during the third quarter. Barclays PLC now owns 84,567 shares of the company’s stock worth $13,485,000 after purchasing an additional 63,373 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of SPX Technologies by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,033,825 shares of the company’s stock worth $164,888,000 after purchasing an additional 8,916 shares during the period. Corsair Capital Management L.P. grew its position in SPX Technologies by 80,185.2% in the 3rd quarter. Corsair Capital Management L.P. now owns 114,005 shares of the company’s stock valued at $18,179,000 after buying an additional 113,863 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in SPX Technologies by 5.0% in the 4th quarter. Nordea Investment Management AB now owns 365,583 shares of the company’s stock valued at $53,203,000 after buying an additional 17,324 shares during the period. Hedge funds and other institutional investors own 92.82% of the company’s stock.

SPX Technologies Stock Performance

SPX Technologies stock traded up $1.34 during midday trading on Monday, hitting $135.60. 220,089 shares of the company’s stock were exchanged, compared to its average volume of 253,511. 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 stock has a market cap of $6.29 billion, a price-to-earnings ratio of 36.45, a price-to-earnings-growth ratio of 1.33 and a beta of 1.26. SPX Technologies has a 12-month low of $116.05 and a 12-month high of $183.83. The firm’s 50 day simple moving average is $144.80 and its 200 day simple moving average is $153.95.

Wall Street Analyst Weigh In

A number of research analysts recently commented 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 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 report on Tuesday, January 7th. Sidoti upgraded SPX Technologies from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 26th. Finally, Wolfe Research assumed coverage on SPX Technologies in a research report on Monday, November 25th. They issued an “outperform” rating and a $199.00 target price for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.75.

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.