SPX Corporation (SPW), Esterline Technologies Corporation (ESL): Activist Hedge Fund Relational Investor’s Latest Moves

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.