Tutor Perini Corporation $TPC Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in Tutor Perini Corporation by 34.4%, acquiring an additional 198,830 shares, bringing its total ownership to 1.48% valued at approximately $18 million.
• Several other institutional investors, including GAMMA Investing LLC and CWM LLC, also boosted their stakes significantly during the first quarter, collectively owning over 65% of the company's stock.
• Analysts have issued optimistic ratings on Tutor Perini, with B. Riley raising its price target from $50 to $75, and the company currently holds an average rating of "Buy" with a price target of $60.

Invesco Ltd. lifted its stake in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 34.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 777,417 shares of the construction company's stock after acquiring an additional 198,830 shares during the period. Invesco Ltd. owned 1.48% of Tutor Perini worth $18,021,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. GAMMA Investing LLC boosted its stake 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 valued at $48,000 after acquiring an additional 510 shares during the last quarter. CWM LLC boosted 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 valued at $80,000 after acquiring an additional 850 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Tutor Perini by 8.8% during the first quarter. New York State Common Retirement Fund now owns 12,358 shares of the construction company's stock valued at $286,000 after acquiring an additional 1,000 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Tutor Perini by 7.5% during the first quarter. Envestnet Asset Management Inc. now owns 15,677 shares of the construction company's stock valued at $363,000 after acquiring an additional 1,096 shares during the last quarter. Finally, Gotham Asset Management LLC boosted its stake in Tutor Perini by 4.3% in the 4th quarter. Gotham Asset Management LLC now owns 38,684 shares of the construction company's stock worth $936,000 after buying an additional 1,609 shares during the last quarter. Institutional investors and hedge funds own 65.01% of the company's stock.

Analyst Ratings Changes

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

Insider Buying and Selling at Tutor Perini

In other news, Chairman Ronald N. Tutor sold 130,478 shares of Tutor Perini 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders sold 310,000 shares of company stock valued at $12,270,901. Insiders own 17.30% of the company's stock.

Tutor Perini Stock Performance

NYSE TPC opened at $57.0650 on Friday. The firm has a market capitalization of $3.01 billion, a P/E ratio of -22.64 and a beta of 1.83. Tutor Perini Corporation has a 1-year low of $18.33 and a 1-year high of $63.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. The business's 50-day simple moving average is $48.21 and its 200-day simple moving average is $34.12.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $1.41 earnings per share for the quarter, beating the consensus estimate 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 was up 21.8% compared to the same quarter last year. During the same period in the previous year, the company posted $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.

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