What the Most Successful Hedge Funds Think About Tutor Perini Corp (TPC)

Consequently, key hedge funds were leading the bulls’ herd. Millennium Management established the most valuable position in Tutor Perini Corp (NYSE:TPC). Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $1.3 million position during the quarter. The other funds with new positions in the stock are Glenn Russell Dubin’s Highbridge Capital Management, Phil Frohlich’s Prescott Group Capital Management, and Neil Chriss’ Hutchin Hill Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Tutor Perini Corp (NYSE:TPC) but similarly valued. These stocks are CONE Midstream Partners LP (NYSE:CNNX), HFF, Inc. (NYSE:HF), Endologix, Inc. (NASDAQ:ELGX), and PennyMac Mortgage Investment Trust (NYSE:PMT). This group of stocks’ market values match TPC’s market value.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $66 million. That figure was $49 million in TPC’s case. Endologix, Inc. (NASDAQ:ELGX) is the most popular stock in this table. On the other hand CONE Midstream Partners LP (NYSE:CNNX) is the least popular one with only 3 bullish hedge fund positions. Tutor Perini Corp (NYSE:TPC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ELGX might be a better candidate to consider taking a long position in.

Disclosure: None