Northern Trust Corp Sells 13,304 Shares of Tutor Perini Corporation $TPC

Key Points

• Northern Trust Corp reduced its holdings in Tutor Perini Corporation by 3.1%, selling 13,304 shares and now owning 412,494 shares valued at approximately $9.56 million.
• Insider trading activity noted that Chairman Ronald N. Tutor sold 44,312 shares for over $2.62 million, decreasing his position in the company by 1.03%.
• Tutor Perini reported a 21.8% increase in year-over-year revenue for the last quarter, with earnings per share of $1.41, significantly beating analyst expectations.

Northern Trust Corp lessened its holdings in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 412,494 shares of the construction company's stock after selling 13,304 shares during the period. Northern Trust Corp owned about 0.78% of Tutor Perini worth $9,562,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Algert Global LLC boosted its position in shares of Tutor Perini by 59.3% during the 1st quarter. Algert Global LLC now owns 245,555 shares of the construction company's stock worth $5,692,000 after acquiring an additional 91,421 shares in the last quarter. Brandywine Global Investment Management LLC boosted its position in shares of Tutor Perini by 22.9% during the 1st quarter. Brandywine Global Investment Management LLC now owns 188,852 shares of the construction company's stock worth $4,378,000 after acquiring an additional 35,202 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Tutor Perini during the 1st quarter worth approximately $223,000. Boston Partners boosted its position in shares of 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 in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Tutor Perini during the 1st quarter worth approximately $3,251,000. Institutional investors and hedge funds own 65.01% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. UBS Group increased their price target 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. Zacks Research upgraded shares of Tutor Perini to a "strong-buy" rating in a research report on Friday, August 8th. B. Riley increased their price target on shares of Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen raised shares of 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $60.00.

Insider Activity

In other news, Chairman Ronald N. Tutor sold 106,832 shares of the firm's stock in a transaction on Tuesday, August 26th. The shares were 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 of the company's stock, valued at approximately $259,625,220.42. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 400,000 shares of company stock worth $23,677,555 over the last ninety days. 17.30% of the stock is currently owned by company insiders.

Tutor Perini Price Performance

NYSE:TPC traded up $0.39 on Thursday, hitting $62.85. The company had a trading volume of 380,735 shares, compared to its average volume of 524,614. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of -24.94 and a beta of 1.88. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $53.03 and a two-hundred day moving average of $37.96. Tutor Perini Corporation has a 52 week low of $18.33 and a 52 week high of $63.96.

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

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.