SPX Corp (NYSE:SPXC) Short Interest Down 9.8% in October

SPX Corp (NYSE:SPXC) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 517,700 shares, a decrease of 9.8% from the September 30th total of 573,800 shares. Based on an average daily trading volume, of 296,400 shares, the short-interest ratio is currently 1.7 days. Currently, 1.2% of the shares of the company are short sold.

Shares of NYSE SPXC traded down $0.16 during midday trading on Friday, reaching $47.60. The stock had a trading volume of 232,146 shares, compared to its average volume of 381,969. The stock has a 50-day moving average of $42.13 and a 200-day moving average of $36.61. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.87 and a current ratio of 1.21. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 21.64 and a beta of 1.42. SPX has a 12-month low of $25.22 and a 12-month high of $48.37.

SPX (NYSE:SPXC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.08. The firm had revenue of $364.80 million during 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 company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 earnings per share. As a group, analysts forecast that SPX will post 2.71 EPS for the current fiscal year.

A number of brokerages have commented on SPXC. Zacks Investment Research raised shares of SPX from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Tuesday, November 5th. Sidoti began coverage on shares of SPX in a report on Friday, October 18th. They set a “buy” rating and a $52.00 target price for the company. Buckingham Research upped their target price on shares of SPX from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Seaport Global Securities began coverage on shares of SPX in a report on Tuesday, October 22nd. They set a “buy” rating and a $50.00 target price for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. SPX currently has a consensus rating of “Buy” and an average price target of $50.50.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. First Trust Advisors LP increased its stake in shares of SPX by 0.3% in the third quarter. First Trust Advisors LP now owns 68,668 shares of the company’s stock worth $2,747,000 after purchasing an additional 215 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of SPX by 1.9% during the third quarter. Municipal Employees Retirement System of Michigan now owns 13,210 shares of the company’s stock worth $529,000 after acquiring an additional 250 shares during the last quarter. Mason Street Advisors LLC boosted its position in shares of SPX by 2.1% during the third quarter. Mason Street Advisors LLC now owns 14,952 shares of the company’s stock worth $598,000 after acquiring an additional 309 shares during the last quarter. Raymond James Trust N.A. boosted its position in shares of SPX by 7.1% during the second quarter. Raymond James Trust N.A. now owns 6,709 shares of the company’s stock worth $222,000 after acquiring an additional 442 shares during the last quarter. Finally, Comerica Bank boosted its position in shares of SPX by 1.1% during the third quarter. Comerica Bank now owns 41,465 shares of the company’s stock worth $1,755,000 after acquiring an additional 442 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

SPX Company Profile

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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