Pinnacle Associates Ltd. Has $8.96 Million Stock Holdings in Tutor Perini Corporation (NYSE:TPC)

Pinnacle Associates Ltd. grew its position in Tutor Perini Corporation (NYSE:TPC - Free Report) by 33.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 386,570 shares of the construction company's stock after buying an additional 96,110 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.73% of Tutor Perini worth $8,961,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Tutor Perini during the first quarter worth approximately $965,000. GAMMA Investing LLC boosted its holdings in shares of Tutor Perini by 32.5% during the first quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock worth $48,000 after purchasing an additional 510 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Tutor Perini by 8.8% during the fourth quarter. Ameriprise Financial Inc. now owns 211,843 shares of the construction company's stock worth $5,127,000 after purchasing an additional 17,217 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Tutor Perini by 47.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 89,032 shares of the construction company's stock worth $2,155,000 after purchasing an additional 28,701 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Tutor Perini by 90.8% during the fourth quarter. Millennium Management LLC now owns 144,597 shares of the construction company's stock worth $3,499,000 after purchasing an additional 68,807 shares during the period. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.93, for a total value of $5,340,464.54. Following the sale, the chairman directly owned 4,570,985 shares in the company, valued at $187,090,416.05. This trade represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Raymond R. Oneglia sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $36.14, for a total value of $903,500.00. Following the sale, the director directly owned 90,470 shares of the company's stock, valued at approximately $3,269,585.80. The trade was a 21.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 410,000 shares of company stock valued at $15,891,651 over the last three months. Company insiders own 17.30% of the company's stock.

Tutor Perini Stock Performance

NYSE:TPC traded down $0.33 during midday trading on Friday, reaching $47.96. The stock had a trading volume of 520,963 shares, compared to its average volume of 674,320. Tutor Perini Corporation has a 1-year low of $14.50 and a 1-year high of $51.98. The firm's fifty day simple moving average is $42.50 and its 200-day simple moving average is $30.41. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a market capitalization of $2.53 billion, a P/E ratio of -16.65 and a beta of 1.79.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on TPC. B. Riley restated a "buy" rating and set a $50.00 price target (up from $40.00) on shares of Tutor Perini in a report on Friday, June 6th. Wall Street Zen lowered shares of Tutor Perini from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Finally, UBS Group raised their price objective on shares of Tutor Perini from $41.00 to $59.00 and gave the company a "buy" rating in a research report on Thursday, July 10th.

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.