MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 1,637,916 Shares of Tutor Perini Corporation $TPC

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. has significantly reduced its stake in Tutor Perini Corporation by 60.1%, now holding approximately 2.07% of the company, valued at about $25.2 million.
• Several institutional investors have increased their stakes in Tutor Perini, with AlphaQuest LLC boosting its holdings by 849.2% during the same quarter.
• Tutor Perini's recent earnings report showed a surprise profit of $1.41 per share, significantly beating analysts' expectations of $0.29, alongside revenue growth of 21.8% year-over-year.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its stake in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 60.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,088,629 shares of the construction company's stock after selling 1,637,916 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 2.07% of Tutor Perini worth $25,235,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of TPC. Donald Smith & CO. Inc. lifted its position in shares of Tutor Perini by 16.8% during the 1st 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 in the last quarter. Vanguard Group Inc. increased its holdings 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 acquiring an additional 130,747 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 acquiring an additional 322,814 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Tutor Perini by 1.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 792,035 shares of the construction company's stock valued at $19,167,000 after purchasing an additional 8,639 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Tutor Perini by 34.4% in the first quarter. Invesco Ltd. now owns 777,417 shares of the construction company's stock worth $18,021,000 after purchasing an additional 198,830 shares during the period. Hedge funds and other institutional investors own 65.01% of the company's stock.

Insider Transactions at Tutor Perini

In other news, Chairman Ronald N. Tutor sold 44,312 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $59.13, for a total transaction of $2,620,168.56. Following the completion of the transaction, the chairman directly owned 4,270,985 shares in the company, valued at approximately $252,543,343.05. This represents a 1.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 400,000 shares of company stock valued at $23,677,555. Insiders own 17.30% of the company's stock.

Wall Street Analysts Forecast Growth

TPC has been the topic of a number of analyst reports. Zacks Research upgraded shares of Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. Wall Street Zen raised Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Monday, August 11th. UBS Group boosted their price objective on Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, B. Riley increased their target price on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. One equities 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 Price Performance

Shares of Tutor Perini stock traded up $1.25 during trading on Friday, reaching $64.14. 377,490 shares of the stock traded hands, compared to its average volume of 669,300. Tutor Perini Corporation has a 52-week low of $18.33 and a 52-week high of $65.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. The business has a fifty day simple moving average of $53.03 and a two-hundred day simple moving average of $37.96. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -25.45 and a beta of 1.88.

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

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.