Voleon Capital Management LP Acquires Shares of 16,601 Tutor Perini Corporation $TPC

Voleon Capital Management LP acquired a new stake in Tutor Perini Corporation (NYSE:TPC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 16,601 shares of the construction company’s stock, valued at approximately $385,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. raised its holdings in shares of Tutor Perini by 16.8% during the 1st quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company’s stock worth $93,444,000 after acquiring an additional 580,963 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Tutor Perini during the 1st quarter worth $13,122,000. Boston Partners raised its holdings in shares of Tutor Perini by 53.3% during the 1st quarter. Boston Partners now owns 928,264 shares of the construction company’s stock worth $21,509,000 after acquiring an additional 322,814 shares during the period. Millennium Management LLC raised its holdings in shares of Tutor Perini by 165.2% during the 1st quarter. Millennium Management LLC now owns 383,530 shares of the construction company’s stock worth $8,890,000 after acquiring an additional 238,933 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Tutor Perini by 246.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 322,565 shares of the construction company’s stock worth $7,477,000 after acquiring an additional 229,363 shares during the period. Hedge funds and other institutional investors own 65.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TPC. Zacks Research upgraded Tutor Perini to a “strong-buy” rating in a report on Friday, August 8th. UBS Group lifted their price target on Tutor Perini from $59.00 to $67.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Wall Street Zen upgraded Tutor Perini from a “buy” rating to a “strong-buy” rating in a report on Monday, August 11th. Finally, B. Riley lifted their price target on Tutor Perini from $50.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $60.00.

Tutor Perini Stock Down 2.1%

Shares of NYSE:TPC opened at $60.54 on Wednesday. The business has a 50-day moving average price of $52.40 and a 200 day moving average price of $37.61. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -24.02 and a beta of 1.88. Tutor Perini Corporation has a 12-month low of $18.33 and a 12-month high of $63.96.

Tutor Perini (NYSE:TPC) last issued its quarterly earnings data on Wednesday, August 6th. The construction company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $1.12. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.27 billion. Tutor Perini had a negative return on equity of 6.41% and a negative net margin of 2.77%.The company’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period last year, the company earned $0.02 EPS.

Insider Activity

In related news, Chairman Ronald N. Tutor sold 44,312 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $59.13, for a total transaction of $2,620,168.56. Following the completion of the sale, the chairman directly owned 4,270,985 shares of the company’s stock, valued at approximately $252,543,343.05. This trade represents a 1.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 400,000 shares of company stock worth $23,677,555. 17.30% of the stock is currently owned by company insiders.

Tutor Perini Profile

Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies in the United States and internationally. It operates through three segments: Civil, Building, and Specialty Contractors.