Voleon Capital Management LP Buys Shares of 16,601 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 bought a new position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 16,601 shares of the construction company's stock, valued at approximately $385,000.

Several other institutional investors have also recently made changes to their positions in TPC. GAMMA Investing LLC raised its holdings 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 purchasing an additional 510 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in Tutor Perini during the first quarter valued at $54,000. Comerica Bank grew its position in Tutor Perini by 30.7% during the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock valued at $56,000 after buying an additional 569 shares during the period. CWM LLC grew its position in Tutor Perini by 32.8% during the first quarter. CWM LLC now owns 3,442 shares of the construction company's stock valued at $80,000 after buying an additional 850 shares during the period. Finally, AlphaQuest LLC grew its position in Tutor Perini by 849.2% during the first quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock valued at $80,000 after buying an additional 3,074 shares during the period. Hedge funds and other institutional investors own 65.01% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Zacks Research upgraded shares of Tutor Perini to a "strong-buy" rating in a research report on Friday, August 8th. B. Riley raised their price target on shares of Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. UBS Group raised their price target on shares of Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat, Tutor Perini has a consensus rating of "Buy" and an average price target of $60.00.

Insiders Place Their Bets

In related news, Chairman Ronald N. Tutor sold 106,832 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $59.06, for a total transaction of $6,309,497.92. Following the transaction, the chairman directly owned 4,395,957 shares in the company, valued at approximately $259,625,220.42. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 400,000 shares of company stock worth $23,677,555 in the last quarter. Insiders own 17.30% of the company's stock.

Tutor Perini Price Performance

TPC traded up $1.07 on Friday, reaching $63.96. 617,677 shares of the company's stock were exchanged, compared to its average volume of 516,865. The stock has a market cap of $3.37 billion, a PE ratio of -25.38 and a beta of 1.88. Tutor Perini Corporation has a twelve month low of $18.33 and a twelve month high of $65.00. The stock's fifty day moving average price is $53.35 and its 200-day moving average price is $38.25. 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 posted its quarterly 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 firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.27 billion. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. Tutor Perini's quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the previous year, the business 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.