Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in Tutor Perini Corporation $TPC

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tutor Perini Corporation, purchasing 25,529 shares valued at approximately $592,000.
• Insider activity shows that Chairman Ronald N. Tutor sold 130,478 shares of Tutor Perini, valued at over $5.3 million, reducing his ownership by 2.78%.
• Analysts have recently rated Tutor Perini with an average rating of "Buy," and some have upgraded it to a "strong-buy" rating with target prices increasing significantly.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 25,529 shares of the construction company's stock, valued at approximately $592,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Tutor Perini by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock valued at $65,585,000 after purchasing an additional 130,747 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Tutor Perini by 6.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,825,350 shares of the construction company's stock valued at $68,373,000 after purchasing an additional 170,440 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Tutor Perini by 5.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,726,545 shares of the construction company's stock valued at $65,982,000 after purchasing an additional 148,425 shares during the last quarter. Fred Alger Management LLC lifted its holdings in Tutor Perini by 91.9% during the 4th quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company's stock valued at $27,419,000 after purchasing an additional 542,647 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Tutor Perini by 74.6% during the 4th quarter. First Trust Advisors LP now owns 938,478 shares of the construction company's stock valued at $22,711,000 after purchasing an additional 401,117 shares during the last quarter. 65.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Tutor Perini Trading Down 0.2%

Shares of NYSE:TPC traded down $0.1120 during trading on Wednesday, hitting $55.9080. 716,676 shares of the company's stock were exchanged, compared to its average volume of 760,707. Tutor Perini Corporation has a 1-year low of $18.33 and a 1-year high of $63.96. The firm has a 50-day moving average price of $47.59 and a two-hundred day moving average price of $33.81. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.95 billion, a P/E ratio of -22.19 and a beta of 1.83.

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

Insider Transactions at Tutor Perini

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.93, for a total transaction of $5,340,464.54. Following the completion of the transaction, the chairman owned 4,570,985 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 310,000 shares of company stock worth $12,270,901 in the last ninety days. 17.30% of the stock is currently owned by 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.