Bank of America Corp DE Boosts Stake in Tutor Perini Co. (NYSE:TPC)

Bank of America Corp DE raised its stake in Tutor Perini Co. (NYSE:TPC - Free Report) by 25.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 206,941 shares of the construction company's stock after purchasing an additional 41,451 shares during the quarter. Bank of America Corp DE owned 0.39% of Tutor Perini worth $5,008,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Optimize Financial Inc purchased a new stake in shares of Tutor Perini in the fourth quarter worth $221,000. KLP Kapitalforvaltning AS bought a new position in Tutor Perini in the fourth quarter valued at about $232,000. Commonwealth Equity Services LLC lifted its holdings in Tutor Perini by 7.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 10,291 shares of the construction company's stock valued at $249,000 after acquiring an additional 700 shares during the period. Tudor Investment Corp ET AL bought a new position in shares of Tutor Perini in the fourth quarter worth about $284,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of Tutor Perini by 46.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 14,581 shares of the construction company's stock worth $353,000 after buying an additional 4,649 shares during the period. Institutional investors own 65.01% of the company's stock.

Insider Activity

In other Tutor Perini news, Director Raymond R. Oneglia sold 75,000 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $36.23, for a total transaction of $2,717,250.00. Following the completion of the sale, the director now owns 115,470 shares of the company's stock, valued at $4,183,478.10. This trade represents a 39.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 17.30% of the company's stock.

Analyst Upgrades and Downgrades

TPC has been the topic of a number of research analyst reports. B. Riley raised Tutor Perini to a "strong-buy" rating in a report on Tuesday, March 18th. Wall Street Zen raised Tutor Perini from a "hold" rating to a "buy" rating in a research report on Thursday, May 8th. Finally, UBS Group boosted their target price on Tutor Perini from $40.00 to $41.00 and gave the company a "buy" rating in a research report on Friday, May 9th.

Tutor Perini Stock Performance

Shares of TPC stock traded up $0.90 during mid-day trading on Monday, reaching $37.78. The stock had a trading volume of 524,427 shares, compared to its average volume of 546,125. The business's fifty day moving average is $26.70 and its 200-day moving average is $25.67. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.53. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -15.05 and a beta of 1.62. Tutor Perini Co. has a 1-year low of $14.50 and a 1-year high of $37.82.

Tutor Perini (NYSE:TPC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.47. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.08 billion. Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. The company's revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 EPS.

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.