Tutor Perini Corporation $TPC Shares Acquired by Brightline Capital Management LLC

Key Points

• Brightline Capital Management LLC increased its stake in Tutor Perini Corporation by 24.7% during the first quarter, making Tutor Perini around 14.1% of its portfolio.
• Several hedge funds, including Donald Smith & CO. Inc. and Fred Alger Management LLC, also boosted their holdings in Tutor Perini, increasing overall institutional ownership to 65.01%.
• Tutor Perini's stock received multiple upgrades from analysts, with the average target price now set at $60.00, reflecting positive sentiment among research firms.

Brightline Capital Management LLC raised its position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 24.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 702,000 shares of the construction company's stock after buying an additional 139,000 shares during the period. Tutor Perini comprises 14.1% of Brightline Capital Management LLC's portfolio, making the stock its 3rd biggest position. Brightline Capital Management LLC owned about 1.33% of Tutor Perini worth $16,272,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Donald Smith & CO. Inc. grew its position in Tutor Perini by 16.8% during 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. Vanguard Group Inc. boosted its stake in Tutor Perini by 4.8% in the first quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock worth $65,585,000 after purchasing an additional 130,747 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Tutor Perini by 6.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,825,350 shares of the construction company's stock worth $68,373,000 after purchasing an additional 170,440 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Tutor Perini by 5.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,726,545 shares of the construction company's stock valued at $65,982,000 after buying an additional 148,425 shares in the last quarter. Finally, Fred Alger Management LLC increased its stake in shares of Tutor Perini by 91.9% in the fourth quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company's stock valued at $27,419,000 after buying an additional 542,647 shares in the last quarter. 65.01% of the stock is owned by institutional investors and hedge funds.

Tutor Perini Trading Up 0.9%

NYSE:TPC traded up $0.50 during trading hours on Tuesday, hitting $59.02. The stock had a trading volume of 558,534 shares, compared to its average volume of 682,183. The company has a market cap of $3.11 billion, a price-to-earnings ratio of -23.42 and a beta of 1.83. Tutor Perini Corporation has a one year low of $18.33 and a one year high of $63.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.32 and a current ratio of 1.32. The business's 50 day moving average is $48.85 and its 200-day moving average is $34.78.

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 for the quarter, beating the consensus estimate of $0.29 by $1.12. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter in the prior year, the company earned $0.02 earnings per share. The business's quarterly revenue was up 21.8% compared to the same quarter last year.

Analyst Ratings Changes

A number of brokerages have commented on TPC. Zacks Research raised shares of Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. B. Riley increased their price target on shares of Tutor Perini from $50.00 to $75.00 and gave the company 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 report on Monday, August 11th. Finally, UBS Group increased their price objective on Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat, Tutor Perini presently has a consensus rating of "Buy" and a consensus target price of $60.00.

Insider Transactions at Tutor Perini

In other Tutor Perini news, Chairman Ronald N. Tutor sold 130,478 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $40.93, for a total transaction of $5,340,464.54. Following the completion of the sale, the chairman owned 4,570,985 shares of the company's stock, valued at $187,090,416.05. This trade represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 310,000 shares of company stock valued at $12,270,901 in the last 90 days. 17.30% of the stock is owned by corporate insiders.

Tutor Perini 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.