Tutor Perini Corporation $TPC Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. has reduced its stake in Tutor Perini Corporation by 29.5%, owning approximately 1.51% of the company after selling 333,196 shares.
• Various hedge funds are actively reshaping their holdings in Tutor Perini, with SG Americas Securities LLC making a new purchase worth $965,000 and GAMMA Investing LLC increasing its holdings by 32.5%.
• Analysts have displayed increased confidence in Tutor Perini, with upgrades from several firms and a consensus price target of $60.00 following impressive earnings results exceeding estimates.

American Century Companies Inc. cut its holdings in Tutor Perini Corporation (NYSE:TPC - Free Report) by 29.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 794,883 shares of the construction company's stock after selling 333,196 shares during the quarter. American Century Companies Inc. owned 1.51% of Tutor Perini worth $18,425,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in 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 last quarter. New Age Alpha Advisors LLC acquired a new position in Tutor Perini during the first quarter worth $54,000. CWM LLC raised its holdings in 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 last quarter. State of Wyoming raised its holdings in 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 last quarter. Finally, Aigen Investment Management LP acquired a new position in Tutor Perini during the first quarter worth $200,000. 65.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tutor Perini

In other Tutor Perini news, Chairman Ronald N. Tutor sold 106,832 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $59.06, for a total transaction of $6,309,497.92. Following the sale, the chairman owned 4,395,957 shares in the company, valued at $259,625,220.42. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 585,028 shares of company stock worth $28,492,720 in the last 90 days. Corporate insiders own 17.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. UBS Group lifted their price objective on Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. B. Riley lifted their price objective on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Zacks Research raised Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. Finally, Wall Street Zen raised Tutor Perini from a "buy" rating to a "strong-buy" rating in a report 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 MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $60.00.

Tutor Perini Trading Down 0.4%

TPC stock traded down $0.24 during trading on Wednesday, reaching $58.75. 328,128 shares of the stock traded hands, compared to its average volume of 782,189. Tutor Perini Corporation has a 52-week low of $18.33 and a 52-week high of $63.96. The business's 50 day moving average price is $49.52 and its 200-day moving average price is $35.19. 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 firm has a market capitalization of $3.10 billion, a PE ratio of -23.31 and a beta of 1.83.

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

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.