Arrowstreet Capital Limited Partnership Invests $2.70 Million in Tutor Perini Corporation $TPC

Key Points

• Arrowstreet Capital initiated a $2.7 million position in Tutor Perini, purchasing 34,976 shares, while institutional investors and hedge funds collectively own 65.01% of the company.
• Director Robert C. Lieber sold 17,500 shares for approximately $1.32 million, reducing his position by 10.48%; corporate insiders still own 15.40% of the stock.
• Tutor Perini reported quarterly EPS of $1.03, exceeding estimates of $0.96, while revenue rose 11.5% year over year to $1.39 billion. Analysts maintain a consensus Hold rating with an $86.50 price target.

Arrowstreet Capital Limited Partnership purchased a new stake in Tutor Perini Corporation (NYSE:TPC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 34,976 shares of the construction company's stock, valued at approximately $2,700,000. Arrowstreet Capital Limited Partnership owned about 0.07% of Tutor Perini at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. bought a new position in shares of Tutor Perini during the first quarter worth $59,754,000. Gendell Jeffrey L grew its stake in Tutor Perini by 95.0% in the fourth quarter. Gendell Jeffrey L now owns 889,915 shares of the construction company's stock valued at $59,642,000 after acquiring an additional 433,559 shares during the period. Fred Alger Management LLC grew its stake in Tutor Perini by 47.0% in the fourth quarter. Fred Alger Management LLC now owns 1,105,848 shares of the construction company's stock valued at $74,114,000 after acquiring an additional 353,744 shares during the period. First Trust Advisors LP increased its holdings in shares of Tutor Perini by 32.7% in the first quarter. First Trust Advisors LP now owns 1,358,899 shares of the construction company's stock worth $104,893,000 after acquiring an additional 334,632 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Tutor Perini by 165.2% in the first 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 in the last quarter. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tutor Perini

In other news, Director Robert C. Lieber sold 17,500 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $75.36, for a total value of $1,318,800.00. Following the completion of the transaction, the director owned 149,410 shares in the company, valued at $11,259,537.60. This trade represents a 10.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 15.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tutor Perini in a research note on Friday, July 17th. Zacks Research lowered shares of Tutor Perini from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 28th. Finally, Wall Street Zen cut shares of Tutor Perini from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $86.50.

Tutor Perini Price Performance

Shares of TPC opened at $85.86 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.31. Tutor Perini Corporation has a twelve month low of $46.35 and a twelve month high of $100.00. The stock has a market capitalization of $4.52 billion, a P/E ratio of 58.41 and a beta of 2.05. The company has a 50 day moving average of $78.34 and a 200-day moving average of $79.05.

Tutor Perini (NYSE:TPC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.07. Tutor Perini had a net margin of 1.37% and a return on equity of 19.92%. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities research analysts forecast that Tutor Perini Corporation will post 5.18 EPS for the current fiscal year.

Tutor Perini Profile

Tutor Perini Corporation is a leading U.S. construction company that provides diversified general contracting, construction management and design-build services to private clients and public agencies. The company operates through three principal market segments—Civil, Building and Specialty Contractors—serving a broad range of infrastructure and vertical construction needs.

In its Civil segment, Tutor Perini delivers heavy civil infrastructure projects including highways and bridges, water management, dams, tunnels and rail systems.

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