Voleon Capital Management LP Invests $385,000 in Tutor Perini Corporation $TPC

Key Points

• Voleon Capital Management LP acquired a new stake in Tutor Perini Corporation, purchasing 16,601 shares valued at approximately $385,000 in the first quarter.
• Several institutional investors have increased their holdings in Tutor Perini, with notable increases including Donald Smith & CO. Inc. and Millennium Management LLC, reflecting growing interest in the company.
• Tutor Perini received multiple analysts' upgrades, with Zacks Research raising its rating to strong-buy and UBS increasing its price target from $59.00 to $67.00.

Voleon Capital Management LP purchased a new stake in Tutor Perini Corporation (NYSE:TPC - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund purchased 16,601 shares of the construction company's stock, valued at approximately $385,000.

A number of other institutional investors have also made changes to their positions in TPC. Northern Trust Corp increased its holdings in shares of Tutor Perini by 9.8% in the 4th quarter. Northern Trust Corp now owns 425,798 shares of the construction company's stock valued at $10,304,000 after acquiring an additional 38,170 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Tutor Perini by 8.8% in the 4th quarter. Ameriprise Financial Inc. now owns 211,843 shares of the construction company's stock valued at $5,127,000 after acquiring an additional 17,217 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Tutor Perini by 25.0% in the 4th quarter. Bank of America Corp DE now owns 206,941 shares of the construction company's stock valued at $5,008,000 after acquiring an additional 41,451 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Tutor Perini by 406.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 71,851 shares of the construction company's stock valued at $1,739,000 after acquiring an additional 57,673 shares during the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of Tutor Perini in the 4th quarter valued at approximately $251,000. 65.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Tutor Perini Price Performance

Shares of Tutor Perini stock traded up $0.78 during trading on Monday, hitting $64.74. The stock had a trading volume of 188,171 shares, compared to its average volume of 668,039. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market cap of $3.41 billion, a P/E ratio of -25.69 and a beta of 1.88. The business has a fifty day moving average of $53.35 and a two-hundred day moving average of $38.46. Tutor Perini Corporation has a fifty-two week low of $18.33 and a fifty-two week high of $65.60.

Tutor Perini (NYSE:TPC - Get Free Report) last announced its quarterly earnings data 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. 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%.The company's revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.02 earnings per share.

Insider Activity

In other news, Chairman Ronald N. Tutor sold 44,312 shares of the business's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $59.13, for a total transaction of $2,620,168.56. Following the sale, the chairman directly owned 4,270,985 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available at this link. Insiders sold 400,000 shares of company stock worth $23,677,555 over the last quarter. 17.30% of the stock is owned by 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.