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On September 30, 2024, Donald Smith & Co (Trades, Portfolio)., a notable investment firm, executed a significant transaction involving the shares of Tutor Perini Corp (NYSE:TPC). The firm reduced its holdings by 36,601 shares, which adjusted its total stake in the company to 3,270,438 shares. This move had a modest impact on their portfolio, decreasing their position by 0.03%. The shares were traded at a price of $27.16 each. Following this transaction, Tutor Perini Corp now represents 2.26% of Donald Smith & Co (Trades, Portfolio).s portfolio, indicating a substantial investment interest in the company.
Founded by Donald G. Smith, who served as the Chief Investment Officer until 2019, Donald Smith & Co (Trades, Portfolio). has been a prominent player in the investment field since 1980. The firm is known for its deep-value investment philosophy, focusing on out-of-favor companies that trade at significant discounts to their tangible book value. This bottom-up approach seeks companies positioned in the lowest decile of price-to-tangible book ratios but with a positive earnings outlook over the next two to four years. Donald Smith & Co (Trades, Portfolio). manages an equity portfolio valued at approximately $4.24 billion, with top holdings in diverse sectors such as financial services and basic materials.
Tutor Perini Corp, based in the USA, is a leading firm in the construction industry, offering a wide array of services including general contracting, construction management, and design-build services. Since its IPO on August 14, 1995, the company has focused on large, complex projects across various segments such as civil, building, and specialty contractors. Despite its broad service range, Tutor Perini has been grappling with financial challenges, reflected in its current stock price of $25.97, which is significantly overvalued compared to the GF Value of $9.69.
The recent reduction in shares by Donald Smith & Co (Trades, Portfolio). marks a notable adjustment in their investment strategy regarding Tutor Perini Corp. Although the reduction was relatively small, it reflects a potential reassessment of the firm’s valuation or prospects. This trade has slightly decreased the firm’s exposure to the construction sector, yet Tutor Perini remains a significant holding, suggesting a continued belief in its long-term value despite current market challenges.