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

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) was the recipient of a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 642,400 shares, a decline of 15.4% from the March 31st total of 759,600 shares. Based on an average trading volume of 325,900 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.4% of the company's stock are sold short.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors have recently bought and sold shares of SPXC. Bayforest Capital Ltd lifted its stake in SPX Technologies by 241.2% in the 1st quarter. Bayforest Capital Ltd now owns 2,320 shares of the company's stock worth $299,000 after purchasing an additional 1,640 shares in the last quarter. Eastern Bank bought a new stake in SPX Technologies during the first quarter valued at approximately $38,000. XTX Topco Ltd grew its stake in SPX Technologies by 589.6% in the 1st quarter. XTX Topco Ltd now owns 16,384 shares of the company's stock worth $2,110,000 after buying an additional 14,008 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of SPX Technologies during the 1st quarter valued at $890,000. Finally, Federated Hermes Inc. lifted its holdings in shares of SPX Technologies by 3.0% during the 1st quarter. Federated Hermes Inc. now owns 109,082 shares of the company's stock worth $14,048,000 after acquiring an additional 3,177 shares during the last quarter. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Stock Performance

NYSE:SPXC traded up $0.36 during mid-day trading on Thursday, hitting $150.89. 104,234 shares of the stock were exchanged, compared to its average volume of 277,391. 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 capitalization of $7.06 billion, a price-to-earnings ratio of 40.56, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21. SPX Technologies has a fifty-two week low of $115.00 and a fifty-two week high of $183.83. The firm's 50-day simple moving average is $133.60 and its 200 day simple moving average is $147.25.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.22. SPX Technologies had a return on equity of 19.70% and a net margin of 9.11%. The business had revenue of $482.60 million for the quarter, compared to analyst estimates of $481.32 million. During the same period last year, the firm posted $1.25 earnings per share. SPX Technologies's revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts anticipate that SPX Technologies will post 5.57 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on SPXC. Oppenheimer upgraded shares of 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 SPX Technologies from a "neutral" rating to a "buy" rating in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price 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.