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)

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

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!