Donald Smith & CO. Inc. Raises Holdings in Tutor Perini Corporation (NYSE:TPC)

Key Points

• Donald Smith & CO. Inc. has increased its holdings in Tutor Perini Corporation by 16.8%, owning over 4 million shares, which represents 2.3% of their portfolio.
• The construction company reported a strong quarterly performance, with $1.41 EPS that surpassed estimates, and revenue up 21.8% year-over-year.
• Institutional ownership of Tutor Perini stock stands at 65.01%, with various investment firms, including LPL Financial and JPMorgan Chase, making significant increases in their positions.

Donald Smith & CO. Inc. boosted its holdings in Tutor Perini Corporation (NYSE:TPC - Free Report) by 16.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,031,220 shares of the construction company's stock after acquiring an additional 580,963 shares during the period. Tutor Perini accounts for 2.3% of Donald Smith & CO. Inc.'s holdings, making the stock its 18th biggest position. Donald Smith & CO. Inc. owned about 7.65% of Tutor Perini worth $93,444,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Tutor Perini in the first quarter valued at about $965,000. GAMMA Investing LLC raised its position in shares of Tutor Perini by 32.5% during the first quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock worth $48,000 after acquiring an additional 510 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Tutor Perini by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 127,546 shares of the construction company's stock worth $2,957,000 after purchasing an additional 9,001 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Tutor Perini by 75.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,363 shares of the construction company's stock worth $542,000 after purchasing an additional 10,018 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Tutor Perini by 8.8% in the fourth quarter. Ameriprise Financial Inc. now owns 211,843 shares of the construction company's stock worth $5,127,000 after purchasing an additional 17,217 shares in the last quarter. Institutional investors own 65.01% of the company's stock.

Insider Buying and Selling

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $40.93, for a total value of $5,340,464.54. Following the transaction, the chairman owned 4,570,985 shares of the company's stock, valued at $187,090,416.05. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Raymond R. Oneglia sold 25,000 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $36.14, for a total value of $903,500.00. Following the sale, the director owned 90,470 shares of the company's stock, valued at approximately $3,269,585.80. This represents a 21.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 335,000 shares of company stock worth $13,174,401. Insiders own 17.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on TPC shares. UBS Group raised their price objective on Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. B. Riley boosted their target price on Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Monday.

Tutor Perini Stock Down 1.6%

Shares of Tutor Perini stock traded down $0.96 during midday trading on Wednesday, hitting $57.81. The company had a trading volume of 784,215 shares, compared to its average volume of 687,959. The company has a 50 day moving average of $45.83 and a 200 day moving average of $32.63. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.32 and a current ratio of 1.32. Tutor Perini Corporation has a 52-week low of $18.33 and a 52-week high of $63.96. The stock has a market capitalization of $3.05 billion, a P/E ratio of -22.94 and a beta of 1.83.

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

About Tutor Perini

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.