Lingohr Asset Management GmbH Acquires Shares of 4,404 Tutor Perini Corporation $TPC

Key Points

• Lingohr Asset Management GmbH acquired 4,404 shares of Tutor Perini Corporation, valued at approximately $206,000, during the second quarter.
• Several hedge funds, including Donald Smith & CO. Inc. and Millennium Management LLC, significantly increased their holdings in Tutor Perini, indicating growing institutional interest as 65.01% of the stock is owned by institutional investors.
• Tutor Perini reported a strong quarterly performance with $1.41 earnings per share, surpassing expectations and showing a 21.8% increase in revenue compared to the previous year.

Lingohr Asset Management GmbH bought a new position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 4,404 shares of the construction company's stock, valued at approximately $206,000.

A number of other hedge funds also recently made changes to their positions in the business. Donald Smith & CO. Inc. increased its holdings in Tutor Perini by 16.8% in 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 last quarter. Pacer Advisors Inc. purchased a new stake in Tutor Perini in the 1st quarter worth about $13,122,000. Amanah Holdings Trust purchased a new stake in Tutor Perini in the 2nd quarter worth about $19,163,000. Boston Partners increased its holdings in Tutor Perini by 53.3% in 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 last quarter. Finally, Millennium Management LLC boosted its stake in Tutor Perini by 165.2% in the 1st quarter. Millennium Management LLC now owns 383,530 shares of the construction company's stock worth $8,890,000 after purchasing an additional 238,933 shares during the period. 65.01% of the stock is currently owned by institutional investors.

Tutor Perini Stock Performance

NYSE:TPC opened at $63.96 on Monday. The business has a 50 day moving average of $53.35 and a 200 day moving average of $38.46. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of -25.38 and a beta of 1.88. Tutor Perini Corporation has a 1-year low of $18.33 and a 1-year high of $65.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32.

Tutor Perini (NYSE:TPC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $1.12. The company 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%.Tutor Perini's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 EPS.

Insiders Place Their Bets

In other Tutor Perini news, Chairman Ronald N. Tutor sold 44,312 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the chairman owned 4,270,985 shares in the company, valued at approximately $252,543,343.05. The trade was a 1.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 400,000 shares of company stock valued at $23,677,555 in the last ninety days. Insiders own 17.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TPC. Wall Street Zen upgraded Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note 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. Zacks Research upgraded Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. Finally, B. Riley lifted their price target on Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat, Tutor Perini has an average rating of "Buy" and a consensus target price of $60.00.

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.

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