Martingale Asset Management L P Buys 8,303 Shares of Tutor Perini Corporation $TPC

Key Points

• Martingale Asset Management L P increased its stake in Tutor Perini Corporation by 25.7% in the first quarter, acquiring an additional 8,303 shares to hold a total of 40,630 shares valued at approximately $942,000.
• Several other institutional investors, including GAMMA Investing and CWM LLC, also boosted their positions in Tutor Perini, indicating strong interest among institutional players.
• Reports from various research firms, including Zacks Research and UBS Group, have upgraded Tutor Perini's rating to "strong-buy," reflecting positive analyst sentiment and a projected average target price of $60.00.

Martingale Asset Management L P lifted its position in Tutor Perini Corporation (NYSE:TPC - Free Report) by 25.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,630 shares of the construction company's stock after acquiring an additional 8,303 shares during the period. Martingale Asset Management L P owned approximately 0.08% of Tutor Perini worth $942,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Tutor Perini by 32.5% during the first 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 acquired a new position in Tutor Perini during the first quarter valued at approximately $54,000. CWM LLC grew its holdings in Tutor Perini by 32.8% during the first quarter. CWM LLC now owns 3,442 shares of the construction company's stock valued at $80,000 after purchasing an additional 850 shares during the period. State of Wyoming grew its holdings in Tutor Perini by 39.7% during the fourth quarter. State of Wyoming now owns 6,212 shares of the construction company's stock valued at $150,000 after purchasing an additional 1,764 shares during the period. Finally, Aigen Investment Management LP acquired a new position in Tutor Perini during the first quarter valued at approximately $200,000. Institutional investors and hedge funds own 65.01% of the company's stock.

Analyst Upgrades and Downgrades

TPC has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Monday, August 11th. UBS Group upped 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. B. Riley upped 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. Finally, Zacks Research upgraded shares of Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat.com, Tutor Perini currently has a consensus rating of "Buy" and a consensus price target of $60.00.

Insider Transactions at Tutor Perini

In other news, Chairman Ronald N. Tutor sold 106,832 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $59.06, for a total value of $6,309,497.92. Following the transaction, the chairman directly owned 4,395,957 shares of the company's stock, valued at $259,625,220.42. This represents a 2.37% 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 585,028 shares of company stock worth $28,492,720 over the last 90 days. Corporate insiders own 17.30% of the company's stock.

Tutor Perini Stock Down 0.4%

TPC traded down $0.24 during trading hours on Wednesday, hitting $58.75. 328,128 shares of the company's stock were exchanged, compared to its average volume of 782,189. Tutor Perini Corporation has a 1-year low of $18.33 and a 1-year high of $63.96. The stock's 50-day moving average is $49.52 and its two-hundred day moving average is $35.19. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -23.31 and a beta of 1.83. 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 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 business 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 posted $0.02 earnings per share. The firm's revenue was up 21.8% on a year-over-year basis.

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.