Pinnacle Associates Ltd. boosted its stake in Tutor Perini Corporation (NYSE:TPC) by 183.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 93,320 shares of the construction company’s stock after buying an additional 60,445 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.19% of Tutor Perini worth $2,650,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in Tutor Perini in the 3rd quarter valued at approximately $135,000. Victory Capital Management Inc. lifted its stake in Tutor Perini by 119.4% in the 3rd quarter. Victory Capital Management Inc. now owns 6,877 shares of the construction company’s stock valued at $195,000 after buying an additional 3,743 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in Tutor Perini in the 3rd quarter valued at approximately $207,000. BNP Paribas Arbitrage SA lifted its stake in Tutor Perini by 239.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,112 shares of the construction company’s stock valued at $233,000 after buying an additional 5,725 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Tutor Perini in the 3rd quarter valued at approximately $282,000. 81.96% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on the company. ValuEngine raised Tutor Perini from a “hold” rating to a “buy” rating in a research note on Friday. reduced their target price on Tutor Perini from $37.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, November 15th. B. Riley reduced their target price on Tutor Perini from $37.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 14th. Canaccord Genuity reduced their target price on Tutor Perini from $35.00 to $32.00 and set a “buy” rating on the stock in a research note on Friday, November 10th. Finally, Zacks Investment Research raised Tutor Perini from a “sell” rating to a “hold” rating in a research note on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $33.63.
Tutor Perini (NYSE:TPC) last issued its quarterly earnings results on Thursday, November 9th. The construction company reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.22). The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.54 billion. Tutor Perini had a net margin of 2.03% and a return on equity of 6.16%. The company’s revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 earnings per share. research analysts anticipate that Tutor Perini Corporation will post 1.83 earnings per share for the current year.
In other news, major shareholder N. Tutor Separate Prope Ronald sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $26.11, for a total transaction of $652,750.00. Following the completion of the sale, the insider now directly owns 5,923,120 shares in the company, valued at approximately $154,652,663.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ronald N. Tutor sold 3,617 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $26.02, for a total value of $94,114.34. The disclosure for this sale can be found here. Insiders sold a total of 175,000 shares of company stock valued at $4,566,711 over the last quarter. 24.50% of the stock is currently owned by insiders.
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About Tutor Perini
Tutor Perini Corporation is a construction company offering general contracting, construction management and design-build services to private customers and public agencies across the world. The Company operates through three segments: Civil, Building and Specialty Contractors. Its Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure across various geographic regions of the United States.
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