Short Interest in SPX Technologies, Inc. (NYSE:SPXC) Declines By 26.9%

SPX Technologies, Inc. (NYSE:SPXC) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totaling 961,213 shares, a decrease of 26.9% from the December 15th total of 1,315,681 shares. Currently, 2.0% of the shares of the stock are sold short. Based on an average trading volume of 1,088,047 shares, the short-interest ratio is currently 0.9 days. Based on an average trading volume of 1,088,047 shares, the short-interest ratio is currently 0.9 days. Currently, 2.0% of the shares of the stock are sold short.

SPX Technologies Price Performance

Shares of SPX Technologies stock traded up $3.61 on Friday, reaching $217.22. 1,169,676 shares of the stock were exchanged, compared to its average volume of 756,712. 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 firm has a market cap of $10.83 billion, a PE ratio of 46.51, a P/E/G ratio of 1.82 and a beta of 1.33. SPX Technologies has a one year low of $115.00 and a one year high of $233.71. The firm’s 50 day moving average is $210.31 and its 200-day moving average is $195.90.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, October 30th. The company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.60 by $0.24. The business had revenue of $592.80 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 earnings per share. SPX Technologies has set its FY 2025 guidance at 6.650-6.800 EPS. As a group, analysts anticipate that SPX Technologies will post 5.57 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of SPX Technologies

A number of hedge funds have recently bought and sold shares of SPXC. Royal Bank of Canada raised its holdings in shares of SPX Technologies by 8.1% during the 1st quarter. Royal Bank of Canada now owns 38,386 shares of the company’s stock worth $4,942,000 after acquiring an additional 2,892 shares in the last quarter. AQR Capital Management LLC raised its stake in SPX Technologies by 74.5% during the first quarter. AQR Capital Management LLC now owns 20,734 shares of the company’s stock valued at $2,670,000 after purchasing an additional 8,854 shares in the last quarter. Millennium Management LLC lifted its position in SPX Technologies by 214.4% during the first quarter. Millennium Management LLC now owns 83,285 shares of the company’s stock valued at $10,725,000 after purchasing an additional 56,799 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of SPX Technologies by 21.8% in the 1st quarter. NewEdge Advisors LLC now owns 625 shares of the company’s stock worth $80,000 after buying an additional 112 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of SPX Technologies by 1.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 192,129 shares of the company’s stock worth $24,742,000 after buying an additional 3,353 shares during the last quarter. Institutional investors own 92.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SPXC. B. Riley reiterated a “buy” rating and set a $244.00 target price (up previously from $225.00) on shares of SPX Technologies in a research note on Wednesday, December 10th. Wall Street Zen upgraded SPX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Bank of America initiated coverage on shares of SPX Technologies in a research report on Wednesday, October 8th. They issued a “neutral” rating and a $202.00 target price for the company. TD Cowen assumed coverage on shares of SPX Technologies in a research report on Monday, November 10th. They set a “hold” rating and a $225.00 price target on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of SPX Technologies in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, SPX Technologies currently has an average rating of “Moderate Buy” and an average target price of $214.14.

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.