Bridgeway Capital Management LLC Has $13.05 Million Position in Tutor Perini Corporation $TPC

Key Points

• Bridgeway Capital Management LLC reduced its stake in Tutor Perini Corporation by 10.7%, selling 67,181 shares during the first quarter, and now holds 563,066 shares valued at approximately $13.05 million.
• Company Chairman Ronald N. Tutor sold 80,660 shares for about $4.83 million, while insiders have sold a total of 515,688 shares worth nearly $27.6 million over the past 90 days.
• Tutor Perini reported a significant earnings beat in its last quarter, with earnings per share of $1.41 compared to the consensus estimate of $0.29, alongside a 21.8% year-over-year revenue increase to $1.37 billion.

Bridgeway Capital Management LLC decreased its position in Tutor Perini Corporation (NYSE:TPC - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 563,066 shares of the construction company's stock after selling 67,181 shares during the period. Bridgeway Capital Management LLC owned 1.07% of Tutor Perini worth $13,052,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Tutor Perini by 32.5% during the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after purchasing an additional 510 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of Tutor Perini during the first quarter worth approximately $54,000. Comerica Bank raised its stake in shares of Tutor Perini by 30.7% during the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after buying an additional 569 shares during the last quarter. AlphaQuest LLC lifted its holdings in Tutor Perini by 849.2% in the first quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock valued at $80,000 after buying an additional 3,074 shares during the period. Finally, CWM LLC boosted its stake in Tutor Perini by 32.8% in the first quarter. CWM LLC now owns 3,442 shares of the construction company's stock valued at $80,000 after acquiring an additional 850 shares during the last quarter. 65.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research report on Monday, August 11th. UBS Group upped their price objective on Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Zacks Research raised Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. Finally, B. Riley raised their target price on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $60.00.

Tutor Perini Trading Down 2.4%

Shares of Tutor Perini stock traded down $1.51 during trading hours on Tuesday, hitting $60.33. The company's stock had a trading volume of 246,869 shares, compared to its average volume of 673,398. The company has a market capitalization of $3.18 billion, a PE ratio of -23.91 and a beta of 1.88. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a 50 day moving average of $52.13 and a 200 day moving average of $37.32. Tutor Perini Corporation has a 12 month low of $18.33 and a 12 month high of $63.96.

Tutor Perini (NYSE:TPC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The construction company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the firm earned $0.02 EPS. Tutor Perini's quarterly revenue was up 21.8% compared to the same quarter last year.

Insider Activity

In other news, Chairman Ronald N. Tutor sold 44,312 shares of the stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $59.13, for a total transaction of $2,620,168.56. Following the completion of the sale, the chairman owned 4,270,985 shares of the company's stock, valued at $252,543,343.05. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 530,478 shares of company stock worth $29,018,019 over the last ninety days. 17.30% of the stock is owned by corporate 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.