Hedge Funds Lost A Bundle After URS Corp (URS) Large Drop

URS Corp (NYSE:URStook a hit today, dropping by almost 14%. There is an explanation today, but before we should take a look at another interesting point. In September 2013, at the Value Investing Congress, John Mirshekari of Fidelity Investments pitched this engineering company, saying, among other things, that it could gain 100% during the next two years. Since the VIC, the stock has dropped by around 20%, which is clearly not in line with the expectations.

Another bullish pick of Mr. Mirshekari’s presentation at the VIC was AECOM Technology Corp (NYSE:ACM), also an engineering company. Aecom edged down by 0.3% since September.

As we said, URS Corp (NYSE:URS) is one of the biggest losers today. The Motley Fool explains this movement as follows:

What: Shares of URS Corp (NYSE:URS) have fallen by 13% today after the company provided lousy preliminary results for its 2013 fiscal year. URS also disappointed investors with underwhelming guidance for 2014.

So what: URS Corp (NYSE:URS)’s preliminary 2013 report shows roughly $11 billion in revenue — at the low end of its $11 billion-$11.5 billion forecast and below analysts’ $11.15 billion projection — and a new range of $3.20-$3.30 in earnings per share…

Barry Rosenstein JANA PARTNERS

Here are some of the highlights from URS Corp (NYSE:URS)’s earnings release:

URS Corp (NYSE:URS) today announced preliminary financial results for fiscal 2013 ended January 3, 2014. The Company expects fiscal 2013 revenues to be approximately $11.0 billion. Fully diluted earnings per share are expected to be between $3.20 and $3.30. Cash flow from Operations for 2013 is expected to be approximately $600 million, and Cash EPS, non-GAAP, is expected to be between $4.16 and $4.26, on a fully diluted basis.

Some of the hedge funds tracked by Insider Monkey lost big today because of this move. Here are the top five hedge funds and their loss today, taking into account the data presented in their 13F filings for the end of September 2013.

1. Barry Rosenstein’s Jana Partners

Number of URS Corp shares: 7,408,455

Loss: More than $48 million.

2. Larry Robbins’s Glenview Capital

Number of URS Corp shares: 4,171,911

Loss: More than $27 million.

3. David Einhorn’s Greenlight Capital

Number of URS Corp shares: 1,113,879

Loss: More than $7 million.

4. Richard S. Pzena’s Pzena Investment Management

Number of URS Corp shares: 1,061,289

Loss: More than $6 million.

5. Cliff Asness’s AQR Capital Management

Number of URS Corp shares: 338,418

Loss: More than $2 million.

Disclosure: none

Recommended Reading:

Weiss Asset Management Top Picks Include HF2 Financial Management Inc (HTWO), Seabridge Gold, Inc. (USA) (SA) & More

Prescott Group Capital Top Picks: Air Transport Services Group Inc. (ATSG), Nature’s Sunshine Prod. (NATR) & More

Park West Asset Management Boosts Its Stake in Outerwall Inc (OUTR)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Laziest Countries in the World

The 10 Most Polluted Countries in the World

The 10 Most Dangerous Cities in America 2014

The Top 10 Gold Producing Countries in the World

The 10 Tallest Buildings in the World

The 10 Richest Stand Up Comedians in the World

The 10 Fattest Countries in the World

The 5 Best Summer Jobs for Teens

The 10 Most Religious Countries in the World Keeping the Faith

The 10 Most Educated Countries in the World

The 10 Most Popular Cell Phones in the World

The 10 Drunkest Countries in the World

The 10 Most Expensive Private Schools in the World

The 10 Smallest Countries in the World

Walking Dead Season 5 Spoilers You’ll Wish You Didn’t Know

The 10 Poorest Countries in the World

The 10 Greenest Countries in the World

The Top 10 Countries with the Highest Population in the World

The 10 Most Visited Countries in the World

The Top 10 Star Wars Characters in the Iconic Series

The 10 Most Expensive Android Phones in the World

5 Reasons Why The Illuminati Is Real and a Threat to Society

The 6 Scariest Halloween Costumes Ever Screamed At

The 4 Biggest Hedge Fund Managers in the World Today

The 15 Most Densely Populated Countries in the World

The 10 Biggest Tea Drinking Countries in the World

Top 6 Ways to Improve Your Checkout Process and Close Sales

The 5 Most Profitable Online Businesses You Can Start Today

The 20 Most Profitable Hospitals in the US

The 5 Most Profitable Home Businesses to Start

The 7 Teams that Will Win the Stanley Cup in 2015

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!