Relational Investors Sells More Shares of SPX Corporation (SPW); Wexford Capital Further Cuts Stake in Diamondback Energy Inc (FANG)

Ralph V. Whitworth‘s Relational Investors recently decreased its stake in SPX Corporation (NYSE:SPW) to a position of 6.27 million shares. The fund disposed of 183,000 shares of the company for a total of $18.00 million.

Ralph Whitworth

Based in Charlotte, North Carolina, SPX Corporation (NYSE:SPW) is a multi-industry global industrial equipment manufacturer operating in more than 35 countries. The company generated almost $200.00 million net income in 2013, and trades at 22.xx times it’s earnings, with a current price of around $97.00 per share. In 2014, SPX is expected to produce profits of $5.35 per share. Mean analyst recommendation is “Overweight”.

Citadel Investment Group, led by Ken Griffin, and Aqr Capital Management, led by Cliff Asness are among the company’s largest stockholders. Citadel owns approximately 445,000 shares of SPX, with an aggregate value of $44.34 million, while Aqr’s position amounts to almost 300,000 shares worth $30.00 million

More than half of Relational Investors’ equity portfolio is invested in Consumer and Industrial Goods. The largest share in the portfolio belongs (15.00%) to Hewlett-Packard Company (NYSE:HPQ), in which the fund holds almost 30.00 million shares – a position worth $835.00 million. Other companies in which the fund hold considerable positions are Mondelez International Inc (NASDAQ:MDLZ), with 16.33 million shares worth $576.40 million (10.42% of the portfolio) and  Bunge Ltd (NYSE:BG) with 5.81 million shares worth $476.75 million (8.61%).

Charles Davidson‘s Wexford Capital further trimmed its stake in Diamondback Energy Inc (NASDAQ:FANG). The fund currently owns nearly 10.00 million shares of the company, after selling 100,000 shares for an aggregate sum of $6.50 million. Earlier this month, Wexford disposed of some other 334,000 shares of Diamondback.

Headquartered in Midland, Texas, Diamondback Energy Inc (NASDAQ:FANG) is an independent oil and natural gas company. In 2013, the company exhibited steady earnings growth, a trend which is expected to hold in 2014 as well. After generating earnings per share of $1.30 in 2013, Diamondback is expected to generate EPS of $2.70 and $3.70 in the following two years. Such high expectations are accompanied by analyst recommendations for investors to buy the stock.

Donald Chiboucis‘ Columbus Circle Investors and Ken Griffin’s Citadel Investment Group also hold considerable positions in Diamondback Energy Inc (NASDAQ:FANG). The former owns 1.39 shares worth $73.69 million, while the latter 1.05 million shares worth $55.60 million.

Diamondback Energy represents almost 50.00% of the value of the fund’s $1.20 billion equity portfolio. Rhino Resource Partners, L.P (NYSE:RNO) also constitutes a significant proportion of the portfolio – 6.45%, with 6.6 million shares worth $75.47 million.

Disclosure: none

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