SPX Corp (NYSE:SPXC) Sees Large Decrease in Short Interest

SPX Corp (NYSE:SPXC) was the recipient of a large decrease in short interest in January. As of January 15th, there was short interest totalling 671,900 shares, a decrease of 22.3% from the December 31st total of 864,800 shares. Based on an average daily trading volume, of 321,100 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.6% of the shares of the stock are short sold.

A number of research firms have recently weighed in on SPXC. ValuEngine cut SPX from a “hold” rating to a “sell” rating in a report on Friday, January 10th. Buckingham Research upped their price target on shares of SPX from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. They noted that the move was a valuation call. Vertical Research downgraded SPX from a “buy” rating to a “hold” rating in a report on Wednesday, January 8th. Seaport Global Securities started coverage on SPX in a research report on Tuesday, October 22nd. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Sidoti started coverage on SPX in a research note on Friday, October 18th. They set a “buy” rating and a $52.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. SPX presently has a consensus rating of “Hold” and a consensus price target of $53.60.

NYSE SPXC traded down $0.53 on Monday, reaching $50.34. The company had a trading volume of 1,959 shares, compared to its average volume of 274,025. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.21 and a quick ratio of 0.87. SPX has a 1 year low of $28.72 and a 1 year high of $53.74. The firm has a 50-day moving average of $51.07 and a 200-day moving average of $42.87. The firm has a market capitalization of $2.20 billion, a PE ratio of 28.17 and a beta of 1.44.

SPX (NYSE:SPXC) last posted its earnings results on Wednesday, October 30th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $364.80 million for the quarter, compared to analysts’ expectations of $353.48 million. SPX had a net margin of 5.18% and a return on equity of 27.82%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.37 earnings per share. As a group, sell-side analysts expect that SPX will post 2.72 EPS for the current fiscal year.

In related news, insider Brian G. Mason sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $50.94, for a total value of $1,273,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.21% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC acquired a new stake in shares of SPX in the 2nd quarter valued at $13,402,000. Eagle Asset Management Inc. increased its position in SPX by 590.8% during the 3rd quarter. Eagle Asset Management Inc. now owns 375,195 shares of the company’s stock worth $15,011,000 after purchasing an additional 320,883 shares in the last quarter. BlackRock Inc. increased its position in SPX by 2.8% during the 2nd quarter. BlackRock Inc. now owns 6,435,989 shares of the company’s stock worth $212,517,000 after purchasing an additional 173,894 shares in the last quarter. Morgan Stanley lifted its stake in SPX by 288.9% in the 2nd quarter. Morgan Stanley now owns 212,263 shares of the company’s stock valued at $7,010,000 after purchasing an additional 157,685 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in SPX by 100.8% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 80,300 shares of the company’s stock valued at $3,213,000 after purchasing an additional 40,300 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

About SPX

SPX Corporation supplies infrastructure equipment serving the heating, ventilation and cooling (HVAC), detection and measurement, power transmission and generation, and industrial markets in the United States, China, South Africa, the United Kingdom, and internationally. It operates in three segments: HVAC, Detection and Measurement, and Engineered Solutions.

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