Short Interest in SPX Technologies, Inc. (NYSE:SPXC) Expands By 23.9%

SPX Technologies, Inc. (NYSE:SPXC) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totaling 1,315,681 shares, an increase of 23.9% from the November 30th total of 1,061,516 shares. Based on an average daily volume of 390,674 shares, the short-interest ratio is presently 3.4 days. Currently, 2.7% of the shares of the company are sold short. Currently, 2.7% of the shares of the company are sold short. Based on an average daily volume of 390,674 shares, the short-interest ratio is presently 3.4 days.

Insiders Place Their Bets

In other SPX Technologies news, insider John William Swann III sold 38,755 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $206.07, for a total value of $7,986,242.85. Following the completion of the transaction, the insider owned 64,266 shares in the company, valued at approximately $13,243,294.62. This represents a 37.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider J Randall Data sold 12,000 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $215.37, for a total transaction of $2,584,440.00. Following the sale, the insider directly owned 38,020 shares in the company, valued at approximately $8,188,367.40. The trade was a 23.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On SPX Technologies

Hedge funds have recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake in SPX Technologies by 52.9% during the third quarter. Cullen Frost Bankers Inc. now owns 156 shares of the company’s stock worth $29,000 after purchasing an additional 54 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of SPX Technologies by 1.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,661 shares of the company’s stock worth $782,000 after buying an additional 56 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of SPX Technologies by 1.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 3,446 shares of the company’s stock valued at $644,000 after buying an additional 63 shares during the period. GAMMA Investing LLC lifted its holdings in SPX Technologies by 5.9% in the second quarter. GAMMA Investing LLC now owns 1,140 shares of the company’s stock valued at $191,000 after acquiring an additional 64 shares during the last quarter. Finally, Sage Rhino Capital LLC grew its position in SPX Technologies by 5.3% in the third quarter. Sage Rhino Capital LLC now owns 1,350 shares of the company’s stock worth $252,000 after acquiring an additional 68 shares during the period. Hedge funds and other institutional investors own 92.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SPXC. Wells Fargo & Company began coverage on SPX Technologies in a report on Tuesday, October 14th. They issued an “overweight” rating and a $205.00 price target for the company. Truist Financial boosted their price objective on SPX Technologies from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a research report on Monday. TD Cowen initiated coverage on shares of SPX Technologies in a report on Monday, November 10th. They issued a “hold” rating and a $225.00 price target for the company. Finally, B. Riley restated a “buy” rating and set a $244.00 price objective (up from $225.00) on shares of SPX Technologies in a research report on Wednesday, December 10th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $214.14.

SPX Technologies Price Performance

Shares of SPXC stock traded down $2.68 during trading hours on Wednesday, reaching $200.84. The company had a trading volume of 93,017 shares, compared to its average volume of 358,559. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.70 and a current ratio of 2.47. The stock has a fifty day moving average of $209.90 and a 200-day moving average of $191.86. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of 43.03, a PEG ratio of 1.94 and a beta of 1.32. SPX Technologies has a 12-month low of $115.00 and a 12-month high of $233.71.

SPX Technologies (NYSE:SPXC) last announced its quarterly earnings data on Thursday, October 30th. The company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.24. The firm had revenue of $592.80 million for the quarter, compared to the consensus estimate of $574.32 million. SPX Technologies had a return on equity of 18.68% and a net margin of 10.33%.The firm’s revenue was up 22.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.650-6.800 EPS. On average, equities analysts anticipate that SPX Technologies will post 5.57 earnings per share for the current year.

About SPX Technologies

SPX Technologies (NYSE:SPXC) is a diversified global supplier of highly engineered products and solutions serving industrial, municipal, energy and utility markets. The company designs, manufactures and supports a broad range of equipment that helps customers monitor, control and manage critical processes in water distribution, power generation, HVAC, refrigeration and industrial applications.

The company’s Detection & Measurement Technologies segment offers leak detection systems, pipe and asset assessment tools, fluid flow measurement devices, gas detection equipment and related services.