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David Abrams, Abrams Capital Management Keep Dumping Engility Holdings (EGL) Shares

David Abrams of Abrams Capital Management has continued decreasing his fund’s investment in Engility Holdings Inc (NYSE:EGL). In a recent Form 4 filing with the Securities and Exchange Commission, Abrams has revealed the sale of 208,900 shares in three transactions at prices of $31.92 and $31.90 apiece. As a result, the fund was left with 1,626,658 shares. With a current price of $31.96, Abrams’ stake has a value of approximately $52 million.

Engility Holdings Inc (NYSE:EGL)

Joel Greenblatt is a big fan of Engility Holdings Inc (NYSE:EGL). His fund, Gotham Asset Management, has increased its holding by 254% and currently owns 40,423 shares valued at approximately $1.28 million. Israel Englander and Millennium Management have made no addition to their stake in Engility during the third quarter of 2013, with the fund holding 51,382 shares valued at $1.6 million. Ken Griffin is also keeping tabs on the stock, with his fund, Citadel Investment Group, owning 14,779 shares reportedly worth $468 thousand.

Engility Holdings Inc (NYSE:EGL) provides technical services to the United States government worldwide. Since the start of the year the stock price has appreciated by 62%, with shares currently traded at a little under $32. The company has a market cap of $550 million and shares are exchanging hands at a trailing Price to Earnings (P/E) ratio of 6.94. Engility Holdings does not pay a dividend.

On November 12, Engility reported financial results for the third quarter of 2013. According to their filing with the SEC, the company registered revenues of $339.3 million, a 17% year-over-year decrease, and Earnings Per diluted Share (EPS) of $0.68, which represents a massive increase from the loss of $25.8 per share reported for Q3 of 2012. For the current quarter analysts expect Engility Holdings to register revenues of $324 million and EPS of $0.74.

Disclosure: none

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