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Lord, Abbett & Co Downsize URS Corp Stake

Lord, Abbett & Co: In a 13G filing with the SEC, investment manager Lord, Abbett & Co just reported a 4.5% stake in URS Corp (NYSE:URS), down by about one-fourth from its previous 13F filing. Lord-Abbett has a fairly large and diverse equity portfolio, and URS is up 37% year-to-date.


URS Corp showed a 4% increase in its revenues on year-over-year terms. The revenue of the company totaled $2.79 billion in the second quarter of 2013. The net income of the company also went up to $67.3 million, or $0.91 in diluted EPS, versus $53.6 million and $0.72 in diluted EPS reported in the same period of last year.

Among hedge funds, several disclosed ownership of shares of URS Corp. However, the largest stake is held by Jana Partners, managed by Barry Rosenstein, which owns 4.8 million shares. Jana Partners is followed by Larry Robbins’ Glenview Capital, which has a slightly smaller stake with 4.6 million. Other “hedgies” have even smaller positions, like David Einhorn’s Greenlight Capital with 1.1 million shares, or Richard S. Pzena’s Pzena Investment Management, which owns around 1 million shares of URS Corp.

Disclosure: none

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