This is the second time that Relational reduced its stake in SPX Corporation (NYSE:SPW) this year. The fund now has ownership of 7.7% of the company’s outstanding common stock. Among over 700 hedge funds that we track, Joel Greenblatt’s Gotham Asset Management had the highest holding of SPX after Whitworth with about 970,300 shares valued at $83.34 million.The engineering solutions company is down about 82% over the last 52 weeks. Although SPX Corporation (NYSE:SPW)’s Earnings per Share (EPS) of $2.36 beat estimates by $0.15, revenues of $1.28 billion came in $70 million lighter than expected.
Henry W. (Jay) Winship was appointed to Esterline Technologies Corporation (NYSE:ESL)‘s board in December 2012 and his recent resignation could be part of Relational’s unwinding process in the absence of Whitworth. Esterline Technologies Corporation (NYSE:ESL) acquired Belgian based Barco’s defense and aerospace business for $190 million in September last year. As for the company’s first quarter financial results, EPS of $0.98 was $0.36 less than the anticipated, and revenues of $446 million also missed the estimated mark by $84 million.
Glenn Fuhrman and John Phelan’s MSD Capital is another significant investor in Esterline Technologies Corporation (NYSE:ESL) with 1.62 million shares valued at $178.18 million.