Ralph V. Whitworth’s Relational Investors Trims Stake in SPX Corporation (SPW)

In a new filing, Ralph V. Whitworth‘s Relational Investors has disclosed owning around 6.45 million shares of SPX Corporation (NYSE:SPW). The position, equivalent to 14.37% of the outstanding common stock, represents a decrease from over 6.66 million shares reported earlier.

Ralph Whitworth

Last week, Relational reported the sale of around 371,200 shares of SPX Corporation. The fund disposed of the securities in five transactions, the average price amounting to $102.77 per share.

North Carolina-based SPX Corporation is engaged in the flow technology and energy infrastructure businesses, having over 14,000 employees and operations in around 35 countries.

Earlier in January, Relational disclosed ownership of 15.51% of SPX Corporation’s stock and reported about signing an agreement with the company, under the terms of which the fund appointed a director to the company’s board. It is also important to mention, that in the latest round of 13F filings, Whitworth’s fund held SPX Corporation among its largest holdings, owning 7.04 million shares, with a reported value of $700.77 million.

For the fourth quarter ended December 31, 2013, the company’s revenues declined by 3.4% on the year to $1.32 billion. Diluted net income per share from continuing operations was $1.85, compared to a net loss per share from continuing operations of $5.56 in the year-ago quarter.

For the full year 2013, SPX Corporation reported revenues of $4.72 billion, a 2.4% decrease from $4.83 billion in the prior year. Diluted net income per share from continuing operations was $4.33, compared to a net loss per share from continuing operations of $3.59 in 2012. At the beginning of March, SPX announced that it completed the sale of Thermal Product Solutions business to Resilience Capital Partners, the value of the deal amounting to some $43 million.

For the current year, the company expects an increase in revenue of up to 6%. SPX Corporation (NYSE:SPW)’s outlook for EPS from continuing operations is between $5.00 and $5.50 per share, said Chris Kearney, Chairman, President and Chief Executive Officer of SPX in a press release.

One of the largest shareholders of SPX Corporation is Ken Griffin‘s Citadel Investment Group, owning around 445,200 shares, with a reported value of $44.34 million. Another investor Cliff Asness‘ Aqr Capital Management disclosed ownership of roughly 299,000 shares of the company.

At the end of last year, the value of Relational’s equity portfolio was around $5.5 billion. The largest position is represented by Hewlett-Packard Company (NYSE:HPQ), in which the fund owns 29.84 million shares, worth $834.83 million. SPX Corporation is on the second spot, while the third position is occupied by Mondelez International Inc (NASDAQ:MDLZ), in which the fund disclosed a $576.4 million stake.

Disclosure: none

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