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Abrams Capital Management Trims the Stake in Engility Holdings Inc (EGL)

Abrams Capital Management, led by David Abrams significantly trimmed its stake in Engility Holdings Inc (NYSE:EGL). According to a newly amended filing with the SEC, Abrams owns around 903,800 shares of the company, the stake amassing 5.24% of the common stock. Earlier, the fund held around 1.6 million shares of the company.

David Abrams

Overall, in several transactions, Abrams Capital Management cut down its position in Engility Holdings Inc (NYSE:EGL) from over 2.5 million shares held at the end of September, as revealed in the fund’s latest 13F.

Engility Holdings Inc (NYSE:EGL), the Virginia-based government contractual service provider continues to align its services with the government sectors which includes technology and engineering support, technical consultation, logistics as well as supply chain besides education, training for the federal government. In recent times, it has chosen other partners who bring additional value to its services.

This time around, Engility Holdings Inc (NYSE:EGL) announced that it  has entered into an agreement with Dynamics Research Corporation and will soon take over this premier consulting group, effective at a later date. Dynamics Research Corporation, founded in 1955, provides wide-ranging government services in the sectors of Information Technology, Management Consulting in Surveillance Reconnaissance and other Defense sectors.

Under the terms of the agreement, Engility Holdings Inc (NYSE:EGL) will conduct a tender offer to purchase all outstanding stock of Dynamics Research Corporation for $11.5 in cash per share.

Other Hedge Funds also hold a position in Engility Holdings Inc (NYSE:EGL) are: Deccan Value Advisors, managed by Vinit Bodas holding 1.45 million shares, valued at $46.01 million. Followed by Richard S. Pzena‘s Pzena Investment Management with ownership of 767,100 shares, worth $24.33 million. Freshford Capital Management, led by Michael Doheny holds 181,700 shares, valued at $5.76 million.

Abrams Capital Management also holds positions in companies as Western Union Co (NYSE:WU) in which it owns 17.36 million shares valued at $323.98 million. In SLM Corp (NASDAQ:SLM) it holds 10.16 million shares valued at $253.13 million. David Abrams’ hedge fund has nearly half of its holding in services companies and financials companies, with minor holdings in Basic Materials, Technology and HealthCare as well as other sectors.

Disclosure: none

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