Credit: Shutterstock photoSteven Cohen ( Trades , Portfolio )'s Point72 increased its SPX Corp ( SPW ) by 327.41% on July 1, according to Real Time Picks.
After the increase the firm holds 2,075,499 shares, or 5.06% of the company's shares outstanding. Cohen has had interest in the company since the third quarter of 2013, but made a previous significant increase to it only in the first quarter of this year.
Point72 manages $11 billion and replaced Cohen's SAC Capital Advisors after allegations of insider trading last year. It primarily oversees Cohen's and eligible employees' personal funds. Managers employ long-short strategies and make quantitative and macro investments.
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SPX is a multi-industry manufacturer focused on electricity and processed food and beverages, with significant operations in emerging markets.
The company's April 29 announcement of financial results for the first three months of the year featured $1.08 billion in revenue, a 12.1% decline from the same period a year ago. Net income was $10 million, compared to $317.8 million a year ago.
The results reflected a stronger U.S. dollar, the impact of lower oil prices and weakness in power generation markets, the company said.
SPX also plans to spin off its subsidiary, SPX Flow, by the end of the third quarter.
The company's shares tumbled 18% year to date, to close at $70.36 on Monday.
SPX has a $2.94 billion market cap and P/E ratio of 27.66. Its P/B ratio at 1.74 is near a two-year low, and its P/S ratio at 0.65 is near a three-year low.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
