Bank of New York Mellon Corp Grows Position in Tutor Perini Corporation (NYSE:TPC)

Key Points

• Bank of New York Mellon Corp has increased its stake in Tutor Perini Corporation by 7.6%, acquiring an additional 9,001 shares, bringing its total ownership to 127,546 shares valued at approximately $2.96 million.
• Tutor Perini reported earnings of $0.53 per share, significantly exceeding estimates of $0.06, with revenue for the quarter reaching $1.25 billion, above projections of $1.08 billion.
• Insider activity includes sales by Chairman Ronald N. Tutor and Director Raymond R. Oneglia, with a total of 410,000 shares sold in the last quarter valued at nearly $15.9 million.

Bank of New York Mellon Corp boosted its holdings in Tutor Perini Corporation (NYSE:TPC - Free Report) by 7.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 127,546 shares of the construction company's stock after acquiring an additional 9,001 shares during the quarter. Bank of New York Mellon Corp owned about 0.24% of Tutor Perini worth $2,957,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TPC. Westside Investment Management Inc. lifted its position in Tutor Perini by 3.8% during the first quarter. Westside Investment Management Inc. now owns 257,728 shares of the construction company's stock valued at $5,974,000 after buying an additional 9,525 shares in the last quarter. KBC Group NV bought a new stake in Tutor Perini during the first quarter valued at $443,000. Lesa Sroufe & Co bought a new stake in Tutor Perini during the first quarter valued at $2,906,000. Assenagon Asset Management S.A. increased its stake in Tutor Perini by 246.1% during the first 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 last quarter. Finally, SG Americas Securities LLC bought a new stake in Tutor Perini during the first quarter valued at $965,000. Institutional investors and hedge funds own 65.01% of the company's stock.

Tutor Perini Stock Up 1.2%

Shares of NYSE TPC traded up $0.58 during mid-day trading on Thursday, reaching $48.23. The company had a trading volume of 154,448 shares, compared to its average volume of 663,843. The stock has a fifty day moving average of $43.16 and a two-hundred day moving average of $30.93. Tutor Perini Corporation has a 12-month low of $14.50 and a 12-month high of $51.98. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of -16.74 and a beta of 1.79. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.33 and a current ratio of 1.33.

Tutor Perini (NYSE:TPC - Get Free Report) last issued its earnings results on Wednesday, May 7th. The construction company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.06 by $0.47. Tutor Perini had a negative return on equity of 11.64% and a negative net margin of 3.35%. The firm had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same period last year, the business earned $0.30 earnings per share. Tutor Perini's quarterly revenue was up 18.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. B. Riley reiterated a "buy" rating and issued a $50.00 target price (up previously from $40.00) on shares of Tutor Perini in a research report on Friday, June 6th. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Finally, UBS Group upped their price objective on shares of Tutor Perini from $41.00 to $59.00 and gave the company a "buy" rating in a research note on Thursday, July 10th.

Insiders Place Their Bets

In other Tutor Perini news, Chairman Ronald N. Tutor sold 130,478 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $40.93, for a total value of $5,340,464.54. Following the transaction, the chairman directly owned 4,570,985 shares of the company's stock, valued at approximately $187,090,416.05. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Raymond R. Oneglia sold 75,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $36.23, for a total value of $2,717,250.00. Following the transaction, the director directly owned 115,470 shares in the company, valued at $4,183,478.10. The trade was a 39.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 410,000 shares of company stock worth $15,891,651 in the last 90 days. 17.30% of the stock is owned by company insiders.

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.