Relational Investors Sell Some Shares of SPX Corporation (SPW)

Ralph V. Whitworth‘s Relational Investors has reported the sale of around 371,200 shares of SPX Corporation (NYSE:SPW). According to the filing, Relational disposed of the securities in five transactions, the average price amounting to $102.77 per share. Following the sale, Ralph Whitworth’s fund still owns a significant position in the company, which contains over 6.66 million shares.

Ralph Whitworth

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.

SPX Corporation (NYSE:SPW) is one of the companies on Fortune 500. It is engaged in the flow technology and energy infrastructure businesses, having over 14,000 employees and operations in around 35 countries. At the beginning of March, SPX completed the sale of Thermal Product Solutions business to Resilience Capital Partners, the value of the deal amounting to some $43 million, the company said in a statement.

For the last year,  SPX Corporation (NYSE:SPW) posted an annual 2.4% decline in revenues to $4.72 billion. The company also turned to a net income of $4.33 per diluted share, from a loss of $3.59 million posted in 2012. Moreover, the net income reported for 2013 bet the analyst estimate consensus of around $3.98.

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.

Aside from Relational, some other funds from our database reported holding  SPX Corporation (NYSE:SPW) in their equity portfolios at the end of last year. Ken Griffin‘s Citadel Investment Group reported a $44.34 million stake, which amasses around 445,200 shares, down by 12% over the quarter. On the other hand, Cliff Asness‘ Aqr Capital Management has picked up his position and disclosed owning roughly 299,000 shares, worth $29.78 million.

Industrial Goods is the sector that amasses the largest part of Relational Investors’ $5.5 billion equity portfolio. The largest position is represented by Hewlett-Packard Company (NYSE:HPQ), which contains over 15% of the portfolio and has a value of $834,83 million. Right after  SPX Corporation (NYSE:SPW), which is the second most valuable stake, comes Mondelez International Inc (NASDAQ:MDLZ), in which the fund disclosed a $579.40 million position, amassing 10.4% of the equity portfolio. 

Disclosure: none

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