LPL Financial LLC Buys 25,045 Shares of Tutor Perini Corporation $TPC

Key Points

• LPL Financial LLC increased its stake in Tutor Perini Corporation by 55.7%, acquiring an additional 25,045 shares, bringing its total holdings to 70,029 shares valued at approximately $1,623,000.
• Chairman Ronald N. Tutor sold 130,478 shares for about $5.34 million, representing a 2.78% decrease in his ownership, while insiders have sold a total of 310,000 shares valued at $12,270,901 in the last 90 days.
• Analysts have recently raised their target prices for Tutor Perini, with UBS upgrading it to $67.00 and B. Riley to $75.00, indicating strong buying sentiment and suggesting a bullish outlook for the company.

LPL Financial LLC raised its stake in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 55.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,029 shares of the construction company's stock after acquiring an additional 25,045 shares during the quarter. LPL Financial LLC owned approximately 0.13% of Tutor Perini worth $1,623,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TPC. Pacer Advisors Inc. acquired a new stake in shares of Tutor Perini in the 1st quarter worth $13,122,000. Fred Alger Management LLC boosted its position in shares of 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 purchasing an additional 542,647 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Tutor Perini by 74.6% in the 4th quarter. First Trust Advisors LP now owns 938,478 shares of the construction company's stock worth $22,711,000 after purchasing an additional 401,117 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Tutor Perini by 246.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 322,565 shares of the construction company's stock worth $7,477,000 after purchasing an additional 229,363 shares in the last quarter. Finally, Bastion Asset Management Inc. acquired a new stake in shares of Tutor Perini in the 1st quarter worth $4,734,000. Institutional investors own 65.01% of the company's stock.

Insider Buying and Selling

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the company'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 in the company, valued at approximately $187,090,416.05. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 310,000 shares of company stock valued at $12,270,901 in the last 90 days. Corporate insiders own 17.30% of the company's stock.

Tutor Perini Price Performance

Shares of Tutor Perini stock opened at $57.0650 on Friday. 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 Corporation has a twelve month low of $18.33 and a twelve month high of $63.96. The business has a 50-day moving average price of $48.21 and a 200 day moving average price of $34.12. The firm has a market cap of $3.01 billion, a PE ratio of -22.64 and a beta of 1.83.

Tutor Perini (NYSE:TPC - Get Free Report) last posted its quarterly earnings data 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 return on equity of 6.41% and a negative net margin of 2.77%.The company 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 business earned $0.02 EPS. Tutor Perini's quarterly revenue was up 21.8% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. UBS Group raised their target price on Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. B. Riley raised their target price on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Zacks Research upgraded Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Wall Street Zen upgraded Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Monday, August 11th. 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.com, the company has an average rating of "Buy" and an average price target of $60.00.

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.

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