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

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

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

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!