566,113 Shares in Tutor Perini Corporation (NYSE:TPC) Acquired by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has acquired a new stake in Tutor Perini Corporation, purchasing 566,113 shares valued at approximately $13.12 million.
• Corporate insiders, including Director Raymond R. Oneglia and Chairman Ronald N. Tutor, recently sold significant amounts of stock, with Oneglia selling 25,000 shares for approximately $903,500 and Tutor selling 130,478 shares for about $5.34 million.
• Analysts have increased their ratings and price targets for Tutor Perini, with UBS raising its target from $41.00 to $59.00 and B. Riley setting a new target of $50.00.

Pacer Advisors Inc. acquired a new stake in Tutor Perini Corporation (NYSE:TPC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 566,113 shares of the construction company's stock, valued at approximately $13,122,000. Pacer Advisors Inc. owned about 1.07% of Tutor Perini as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of Tutor Perini by 32.5% in the first quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after buying an additional 510 shares during the last quarter. CWM LLC increased its stake in shares of Tutor Perini by 32.8% during the first 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 period. State of Wyoming increased its stake in shares of Tutor Perini by 39.7% during the fourth quarter. State of Wyoming now owns 6,212 shares of the construction company's stock worth $150,000 after purchasing an additional 1,764 shares during the period. Optimize Financial Inc bought a new position in shares of Tutor Perini during the fourth quarter worth approximately $221,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Tutor Perini during the 1st quarter worth $229,000. 65.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TPC shares. B. Riley reiterated a "buy" rating and issued a $50.00 price target (up previously from $40.00) on shares of Tutor Perini in a research note on Friday, June 6th. Wall Street Zen upgraded Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, UBS Group lifted their price target on Tutor Perini from $41.00 to $59.00 and gave the company a "buy" rating in a research note on Thursday, July 10th.

Tutor Perini Price Performance

Shares of TPC traded up $0.30 during midday trading on Wednesday, hitting $47.21. The company's stock had a trading volume of 152,517 shares, compared to its average volume of 664,322. Tutor Perini Corporation has a one year low of $14.50 and a one year high of $51.98. The company's fifty day simple moving average is $42.93 and its two-hundred day simple moving average is $30.82. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of -16.37 and a beta of 1.79.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.47. Tutor Perini had a negative return on equity of 11.64% and a negative net margin of 3.35%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the company posted $0.30 EPS. The business's revenue was up 18.8% on a year-over-year basis.

Insider Transactions at Tutor Perini

In other news, Chairman Ronald N. Tutor sold 130,478 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $187,090,416.05. The trade was a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Raymond R. Oneglia sold 75,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $36.23, for a total value of $2,717,250.00. Following the completion of the transaction, the director directly owned 115,470 shares in the company, valued at $4,183,478.10. This represents a 39.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 410,000 shares of company stock worth $15,891,651 over the last three months. 17.30% of the stock is owned by company insiders.

Tutor Perini Company 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.