SPX Technologies, Inc. (NYSE:SPXC – Get Free Report) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 500,400 shares, an increase of 18.7% from the August 15th total of 421,600 shares. Based on an average daily trading volume, of 225,200 shares, the short-interest ratio is currently 2.2 days. Approximately 1.2% of the company’s shares are short sold.
Wall Street Analyst Weigh In
A number of research firms have recently commented on SPXC. StockNews.com began coverage on SPX Technologies in a report on Thursday, August 17th. They issued a “hold” rating on the stock. TheStreet upgraded shares of SPX Technologies from a “c+” rating to a “b-” rating in a report on Thursday, May 25th. Oppenheimer boosted their price objective on shares of SPX Technologies from $94.00 to $97.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. Finally, UBS Group downgraded shares of SPX Technologies from a “buy” rating to a “neutral” rating and raised their target price for the company from $80.00 to $90.00 in a research note on Wednesday, July 5th. Two analysts have rated the stock with a hold rating and two have issued 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 $93.50.
Insiders Place Their Bets
Hedge Funds Weigh In On SPX Technologies
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of SPX Technologies by 1.2% in the first quarter. BlackRock Inc. now owns 7,539,474 shares of the company’s stock worth $532,136,000 after buying an additional 92,143 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of SPX Technologies by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,778,461 shares of the company’s stock valued at $263,866,000 after purchasing an additional 19,693 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of SPX Technologies by 3.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,265,310 shares of the company’s stock worth $280,018,000 after purchasing an additional 160,366 shares during the last quarter. State Street Corp grew its stake in SPX Technologies by 1.2% in the first quarter. State Street Corp now owns 1,666,386 shares of the company’s stock worth $117,614,000 after purchasing an additional 20,510 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in SPX Technologies by 1.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,220,810 shares of the company’s stock valued at $103,730,000 after buying an additional 21,612 shares during the last quarter. 89.93% of the stock is owned by hedge funds and other institutional investors.
SPX Technologies Stock Up 0.9 %
Shares of NYSE:SPXC traded up $0.75 during mid-day trading on Monday, hitting $79.81. 160,194 shares of the company traded hands, compared to its average volume of 218,076. The firm’s 50 day simple moving average is $80.50 and its 200 day simple moving average is $76.05. The firm has a market cap of $3.64 billion, a P/E ratio of 68.16, a PEG ratio of 1.04 and a beta of 1.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.90 and a current ratio of 1.51. SPX Technologies has a 52-week low of $53.19 and a 52-week high of $91.93.
SPX Technologies (NYSE:SPXC – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.22. The company had revenue of $423.30 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.71 earnings per share. On average, equities analysts anticipate that SPX Technologies will post 4.26 EPS for the current year.
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.
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