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

Recommended Reading:

Hal Mintz, Sabby Management Report 7.43% Stake in Oxygen Biotherapeutics, Inc. (OXBT)

Cove Street Capital Ups Stake in Signature Group Holdings, Inc (SGGH)

RA Capital Discloses New Passive Stake in Repros Therapeutics Inc (RPRX)

 

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!