Tutor Perini Corporation (NYSE:TPC) Shares Acquired by Donald Smith & CO. Inc.

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. lifted its position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 16.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,031,220 shares of the construction company's stock after acquiring an additional 580,963 shares during the quarter. Tutor Perini accounts for approximately 2.3% of Donald Smith & CO. Inc.'s investment portfolio, making the stock its 18th biggest holding. Donald Smith & CO. Inc. owned approximately 7.65% of Tutor Perini worth $93,444,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its stake in Tutor Perini by 32.5% in the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after buying an additional 510 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Tutor Perini in the 1st quarter valued at about $54,000. CWM LLC lifted its stake in Tutor Perini by 32.8% in the 1st quarter. CWM LLC now owns 3,442 shares of the construction company's stock valued at $80,000 after buying an additional 850 shares in the last quarter. State of Wyoming lifted its stake in Tutor Perini by 39.7% in the 4th quarter. State of Wyoming now owns 6,212 shares of the construction company's stock valued at $150,000 after buying an additional 1,764 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in Tutor Perini in the 1st quarter valued at about $200,000. 65.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Chairman Ronald N. Tutor sold 130,478 shares of Tutor Perini stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.93, for a total value of $5,340,464.54. Following the completion of the sale, the chairman owned 4,570,985 shares in the company, valued at approximately $187,090,416.05. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 310,000 shares of company stock valued at $12,270,901. 17.30% of the stock is currently owned by company insiders.

Tutor Perini Trading Down 66.2%

Shares of NYSE TPC traded down $38.25 during midday trading on Thursday, reaching $19.51. 320,999 shares of the stock were exchanged, compared to its average volume of 685,424. The company has a 50 day simple moving average of $46.22 and a 200 day simple moving average of $32.80. The stock has a market capitalization of $1.03 billion, a P/E ratio of -7.74 and a beta of 1.83. 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 twelve month low of $18.33 and a twelve month high of $63.96.

Tutor Perini (NYSE:TPC - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.27 billion. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The business's revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 EPS.

Wall Street Analyst Weigh In

TPC has been the topic of a number of research reports. B. Riley raised their target price on shares of Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Monday. Finally, UBS Group raised their target price on shares of Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th.

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.