Tutor Perini Corporation $TPC Shares Sold by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

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 Tutor Perini Corporation (NYSE:TPC - Free Report) by 60.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,088,629 shares of the construction company's stock after selling 1,637,916 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 2.07% of Tutor Perini worth $25,235,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TPC. GAMMA Investing LLC increased its stake in shares of Tutor Perini by 32.5% in the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock worth $48,000 after acquiring an additional 510 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Tutor Perini in the 1st quarter worth $54,000. Comerica Bank increased its position in shares of Tutor Perini by 30.7% during the 1st quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after purchasing an additional 569 shares during the last quarter. CWM LLC increased its position in shares of Tutor Perini by 32.8% during the 1st quarter. CWM LLC now owns 3,442 shares of the construction company's stock worth $80,000 after purchasing an additional 850 shares during the last quarter. Finally, AlphaQuest LLC increased its position in shares of Tutor Perini by 849.2% during the 1st quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock worth $80,000 after purchasing an additional 3,074 shares during the last quarter. 65.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Chairman Ronald N. Tutor sold 106,832 shares of the company's 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 transaction, the chairman 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 legal filing with the SEC, which is available at this link. Insiders sold a total of 400,000 shares of company stock worth $23,677,555 over the last quarter. Corporate insiders own 17.30% of the company's stock.

Analyst Ratings Changes

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

Tutor Perini Stock Performance

TPC traded up $1.07 during trading on Friday, hitting $63.96. 617,677 shares of the stock were exchanged, compared to its average volume of 516,865. The firm has a market capitalization of $3.37 billion, a P/E ratio of -25.38 and a beta of 1.88. 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 stock has a fifty day moving average price of $53.35 and a two-hundred day moving average price of $38.36. Tutor Perini Corporation has a 1-year low of $18.33 and a 1-year high of $65.00.

Tutor Perini (NYSE:TPC - Get Free Report) last released its earnings results 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. The business had revenue of $1.37 billion for 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 company's revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $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.