Russell Investments Group Ltd. Reduces Holdings in Tutor Perini Corporation $TPC

Key Points

• Russell Investments Group Ltd. has decreased its holdings in Tutor Perini Corporation by 12.7% to 272,794 shares, valued at approximately $6.3 million, following a sell-off of 39,545 shares.
• Several institutional investors, including GAMMA Investing LLC and CWM LLC, have increased their stakes in Tutor Perini, with GAMMA adding 32.5% and CWM increasing by 32.8% during the same period.
• Equities analysts are optimistic about Tutor Perini's outlook, with multiple firms upgrading their ratings to "buy" or "strong-buy" and raising price targets significantly, indicating a consensus rating of "buy".

Russell Investments Group Ltd. lowered its holdings in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 12.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 272,794 shares of the construction company's stock after selling 39,545 shares during the period. Russell Investments Group Ltd. owned approximately 0.52% of Tutor Perini worth $6,323,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TPC. Donald Smith & CO. Inc. grew its stake in Tutor Perini by 16.8% during the first quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock worth $93,444,000 after purchasing an additional 580,963 shares during the period. Pacer Advisors Inc. acquired a new stake in Tutor Perini in the first quarter valued at approximately $13,122,000. Fred Alger Management LLC grew its stake in Tutor Perini by 91.9% in the fourth quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company's stock valued at $27,419,000 after acquiring an additional 542,647 shares during the period. First Trust Advisors LP grew its stake in Tutor Perini by 74.6% in the fourth quarter. First Trust Advisors LP now owns 938,478 shares of the construction company's stock valued at $22,711,000 after acquiring an additional 401,117 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in Tutor Perini by 246.1% in the first quarter. Assenagon Asset Management S.A. now owns 322,565 shares of the construction company's stock valued at $7,477,000 after acquiring an additional 229,363 shares during the period. Institutional investors and hedge funds own 65.01% of the company's stock.

Insiders Place Their Bets

In other news, Chairman Ronald N. Tutor sold 130,478 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $40.93, for a total transaction of $5,340,464.54. Following the transaction, the chairman owned 4,570,985 shares of the company's stock, valued at $187,090,416.05. This represents a 2.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 585,028 shares of company stock valued at $28,492,720 over the last 90 days. 17.30% of the stock is currently owned by insiders.

Tutor Perini Stock Performance

TPC stock traded up $0.50 during midday trading on Tuesday, hitting $59.02. The company's stock had a trading volume of 558,534 shares, compared to its average volume of 786,232. The stock's 50-day moving average price is $49.18 and its 200 day moving average price is $35.03. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. Tutor Perini Corporation has a 1 year low of $18.33 and a 1 year high of $63.96. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -23.42 and a beta of 1.83.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TPC shares. Zacks Research raised Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. UBS Group raised their price objective on Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. B. Riley raised their price objective on Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen raised Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat, Tutor Perini presently has a consensus rating of "Buy" and a consensus price target of $60.00.

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.