Acadian Asset Management LLC Sells 325,547 Shares of Tutor Perini Corporation $TPC

Key Points

• Acadian Asset Management LLC has significantly reduced its stake in Tutor Perini Corporation by 86.9%, now holding approximately 0.09% of the company, valued at about $1.14 million.
• Insider selling has occurred recently, with Chairman Ronald N. Tutor selling over 106,000 shares for approximately $6.31 million, decreasing his ownership in the company by 2.37%.
• Tutor Perini's stock has seen a positive performance, with its recent trading price reaching $66.15, up from a low of $18.33 in the past year.

Acadian Asset Management LLC lowered its position in Tutor Perini Corporation (NYSE:TPC - Free Report) by 86.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 49,041 shares of the construction company's stock after selling 325,547 shares during the quarter. Acadian Asset Management LLC owned 0.09% of Tutor Perini worth $1,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in TPC. Donald Smith & CO. Inc. increased its position in Tutor Perini by 16.8% during the 1st quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after purchasing an additional 580,963 shares during the period. Pacer Advisors Inc. acquired a new stake in Tutor Perini during the 1st quarter valued at approximately $13,122,000. Boston Partners increased its position in Tutor Perini by 53.3% during the 1st quarter. Boston Partners now owns 928,264 shares of the construction company's stock valued at $21,509,000 after purchasing an additional 322,814 shares during the period. Millennium Management LLC increased its position in Tutor Perini by 165.2% during the 1st quarter. Millennium Management LLC now owns 383,530 shares of the construction company's stock valued at $8,890,000 after purchasing an additional 238,933 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Tutor Perini by 246.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 322,565 shares of the construction company's stock valued at $7,477,000 after purchasing an additional 229,363 shares during the period. Institutional investors and hedge funds own 65.01% of the company's stock.

Insiders Place Their Bets

In related news, Director Sidney J. Feltenstein sold 124,668 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $65.96, for a total value of $8,223,101.28. Following the transaction, the director directly owned 187,274 shares in the company, valued at $12,352,593.04. This trade represents a 39.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Ronald N. Tutor sold 116,856 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $64.21, for a total value of $7,503,323.76. Following the completion of the transaction, the chairman owned 4,154,129 shares in the company, valued at approximately $266,736,623.09. This represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 725,000 shares of company stock worth $44,824,931. 17.30% of the stock is owned by company insiders.

Tutor Perini Trading Down 1.1%

Shares of Tutor Perini stock traded down $0.74 on Friday, reaching $65.48. 928,935 shares of the company's stock were exchanged, compared to its average volume of 555,178. The company has a market capitalization of $3.45 billion, a P/E ratio of -25.98 and a beta of 1.88. Tutor Perini Corporation has a 52 week low of $18.33 and a 52 week high of $66.74. The firm's 50-day moving average is $55.04 and its two-hundred day moving average is $39.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.32 and a current ratio of 1.32.

Tutor Perini (NYSE:TPC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The construction company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $1.12. Tutor Perini had a negative return on equity of 6.41% and a negative net margin of 2.77%.The company had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same period last year, the business earned $0.02 EPS. Tutor Perini's quarterly revenue was up 21.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

TPC has been the subject of a number of recent analyst reports. B. Riley increased their target price 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 increased their target price 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. Wall Street Zen upgraded Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Monday, August 11th. Finally, Zacks Research upgraded Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $60.00.

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.