Hsbc Holdings PLC Increases Stock Position in Tutor Perini Corporation $TPC

Key Points

• Hsbc Holdings PLC increased its stake in Tutor Perini Corporation by 57.3%, now owning approximately $1.13 million worth of shares, amounting to 48,817 shares after purchasing an additional 17,786 shares.
• Insider trading saw Chairman Ronald N. Tutor sell 106,832 shares valued at over $6.3 million, reducing his ownership in the company by 2.37% while retaining 4.4 million shares valued at approximately $259.6 million.
• Tutor Perini's stock recently experienced a 1.5% decline, despite favorable quarterly earnings results that exceeded analyst expectations, leading to upgraded ratings from several investment firms.

Hsbc Holdings PLC increased its position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 57.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,817 shares of the construction company's stock after acquiring an additional 17,786 shares during the period. Hsbc Holdings PLC owned approximately 0.09% of Tutor Perini worth $1,126,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Donald Smith & CO. Inc. grew its stake in Tutor Perini by 16.8% in the 1st quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock worth $93,444,000 after buying an additional 580,963 shares in the last quarter. Vanguard Group Inc. grew its stake in Tutor Perini by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock worth $65,585,000 after buying an additional 130,747 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Tutor Perini by 5.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,726,545 shares of the construction company's stock worth $65,982,000 after buying an additional 148,425 shares in the last quarter. Fred Alger Management LLC grew its stake in Tutor Perini by 91.9% in the 4th quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company's stock worth $27,419,000 after buying an additional 542,647 shares in the last quarter. Finally, Boston Partners grew its stake in Tutor Perini by 53.3% in the 1st quarter. Boston Partners now owns 928,264 shares of the construction company's stock worth $21,509,000 after buying an additional 322,814 shares in the last quarter. Hedge funds and other institutional investors own 65.01% of the company's stock.

Analyst Ratings Changes

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

Tutor Perini Trading Down 0.4%

Shares of Tutor Perini stock traded down $0.24 during trading on Wednesday, reaching $58.90. The company's stock had a trading volume of 274,302 shares, compared to its average volume of 675,186. Tutor Perini Corporation has a 52-week low of $18.33 and a 52-week high of $63.96. The company has a market cap of $3.11 billion, a price-to-earnings ratio of -23.36 and a beta of 1.88. The firm's 50-day moving average is $50.87 and its two-hundred day moving average is $36.27. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32.

Tutor Perini (NYSE:TPC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 prior year, the company earned $0.02 EPS. The firm's revenue was up 21.8% on a year-over-year basis.

Insiders Place Their Bets

In other Tutor Perini news, Chairman Ronald N. Tutor sold 80,660 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $59.95, for a total transaction of $4,835,567.00. Following the completion of the sale, the chairman owned 4,315,297 shares of the company's stock, valued at $258,702,055.15. This represents a 1.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 515,688 shares of company stock worth $27,593,787. Corporate insiders own 17.30% of the company's stock.

Tutor Perini Profile

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.