Jacobs Levy Equity Management Inc. Sells 56,225 Shares of Tutor Perini Corporation $TPC

Key Points

• Jacobs Levy Equity Management Inc. decreased its stake in Tutor Perini Corporation by 7.1%, now holding 735,810 shares valued at over $17 million.
• Institutional investors collectively own 65.01% of Tutor Perini's stock, with several firms increasing their holdings during the last quarter.
• Tutor Perini reported earnings of $1.41 per share, significantly beating estimates and marking a 21.8% year-over-year increase in revenue.

Jacobs Levy Equity Management Inc. reduced its position in Tutor Perini Corporation (NYSE:TPC - Free Report) by 7.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 735,810 shares of the construction company's stock after selling 56,225 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 1.40% of Tutor Perini worth $17,056,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Donald Smith & CO. Inc. lifted its holdings in Tutor Perini by 16.8% in the first quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after buying an additional 580,963 shares during the period. Vanguard Group Inc. grew its stake in shares of Tutor Perini by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock valued at $65,585,000 after buying an additional 130,747 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 valued at $65,982,000 after buying an additional 148,425 shares in the last quarter. Boston Partners raised its stake in Tutor Perini by 53.3% during 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 during the period. Finally, Invesco Ltd. raised its stake in Tutor Perini by 34.4% during the 1st quarter. Invesco Ltd. now owns 777,417 shares of the construction company's stock worth $18,021,000 after buying an additional 198,830 shares during the period. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TPC has been the subject of several recent research reports. B. Riley boosted their price objective on Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research report on Monday, August 11th. Zacks Research raised shares of Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. Finally, UBS Group boosted their target price on shares of Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $60.00.

Insider Buying and Selling

In other news, Chairman Ronald N. Tutor sold 106,832 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $59.06, for a total transaction of $6,309,497.92. Following the completion of the transaction, the chairman owned 4,395,957 shares in the company, valued at approximately $259,625,220.42. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 400,000 shares of company stock valued at $23,677,555 in the last quarter. 17.30% of the stock is currently owned by corporate insiders.

Tutor Perini Stock Up 0.5%

Tutor Perini stock traded up $0.30 during midday trading on Thursday, hitting $62.76. 206,118 shares of the stock were exchanged, compared to its average volume of 670,149. Tutor Perini Corporation has a 52-week low of $18.33 and a 52-week high of $63.96. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The business's 50-day moving average price is $52.72 and its 200-day moving average price is $37.78. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of -24.92 and a beta of 1.88.

Tutor Perini (NYSE:TPC - Get Free Report) last posted its 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. The firm had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.27 billion. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The company's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 EPS.

Tutor Perini Company 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.