Cubist Systematic Strategies LLC Takes Position in Tutor Perini Corporation $TPC

Key Points

• Cubist Systematic Strategies LLC has purchased a new stake in Tutor Perini Corporation, acquiring 58,742 shares valued at approximately $1,362,000.
• Several other institutional investors have also increased their stakes in Tutor Perini, with Donald Smith & CO. Inc. boosting its holdings by 16.8% to a total of 4,031,220 shares.
• Tutor Perini reported significant earnings growth for the last quarter, achieving $1.41 EPS which exceeded analysts' expectations, and a revenue increase of 21.8% year-over-year.

Cubist Systematic Strategies LLC acquired a new position in Tutor Perini Corporation (NYSE:TPC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 58,742 shares of the construction company's stock, valued at approximately $1,362,000. Cubist Systematic Strategies LLC owned approximately 0.11% of Tutor Perini at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Graham Capital Management L.P. boosted its position in shares of Tutor Perini by 146.0% in the 1st quarter. Graham Capital Management L.P. now owns 32,466 shares of the construction company's stock worth $753,000 after purchasing an additional 19,271 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of Tutor Perini in the 1st quarter worth $684,000. Comerica Bank boosted its position in shares of Tutor Perini by 30.7% in the 1st quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after purchasing an additional 569 shares in the last quarter. Mirova boosted its position in shares of Tutor Perini by 27.2% in the 1st quarter. Mirova now owns 71,438 shares of the construction company's stock worth $1,656,000 after purchasing an additional 15,268 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Tutor Perini in the 1st quarter worth $419,000. Institutional investors and hedge funds own 65.01% of the company's stock.

Tutor Perini Price Performance

Shares of NYSE:TPC traded up $1.07 during trading on Friday, reaching $63.96. 617,677 shares of the company's stock traded hands, compared to its average volume of 516,865. Tutor Perini Corporation has a fifty-two week low of $18.33 and a fifty-two week high of $65.00. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm has a market cap of $3.37 billion, a PE ratio of -25.38 and a beta of 1.88. The company has a 50-day simple moving average of $53.35 and a 200-day simple moving average of $38.25.

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at Tutor Perini

In related news, Chairman Ronald N. Tutor sold 44,312 shares of Tutor Perini stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $59.13, for a total value of $2,620,168.56. Following the sale, the chairman directly owned 4,270,985 shares in the company, valued at approximately $252,543,343.05. The trade was a 1.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 400,000 shares of company stock valued at $23,677,555. Insiders own 17.30% of the company's stock.

Tutor Perini Company 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.