Tutor Perini Corporation $TPC Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. reduced its stake in Tutor Perini Corporation by 27.8%, selling 89,689 shares, resulting in ownership of 232,876 shares worth approximately $10.9 million.
• Several institutional investors, including Donald Smith & CO. Inc. and Vanguard Group Inc., have increased their positions in Tutor Perini, with Donald Smith & CO. increasing their stake by 16.8%.
• Tutor Perini's recent earnings report showed a 21.8% year-over-year revenue increase, with EPS of $1.41 significantly exceeding analyst estimates of $0.29.

Assenagon Asset Management S.A. trimmed its position in Tutor Perini Corporation (NYSE:TPC - Free Report) by 27.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 232,876 shares of the construction company's stock after selling 89,689 shares during the quarter. Assenagon Asset Management S.A. owned about 0.44% of Tutor Perini worth $10,894,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Donald Smith & CO. Inc. raised its position in shares of Tutor Perini by 16.8% during the 1st quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after buying an additional 580,963 shares during the period. Vanguard Group Inc. increased its stake in Tutor Perini by 4.8% during the first quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock worth $65,585,000 after acquiring an additional 130,747 shares during the last quarter. Boston Partners increased its stake in Tutor Perini by 53.3% during the first quarter. Boston Partners now owns 928,264 shares of the construction company's stock worth $21,509,000 after acquiring an additional 322,814 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Tutor Perini by 34.4% during the 1st quarter. Invesco Ltd. now owns 777,417 shares of the construction company's stock worth $18,021,000 after purchasing an additional 198,830 shares during the period. Finally, Brightline Capital Management LLC grew its holdings in shares of Tutor Perini by 24.7% during the 1st quarter. Brightline Capital Management LLC now owns 702,000 shares of the construction company's stock worth $16,272,000 after purchasing an additional 139,000 shares during the period. Hedge funds and other institutional investors own 65.01% of the company's stock.

Tutor Perini Trading Down 0.3%

Shares of TPC stock opened at $66.62 on Wednesday. The business's 50 day moving average is $55.75 and its two-hundred day moving average is $40.35. Tutor Perini Corporation has a twelve month low of $18.33 and a twelve month high of $68.09. The company has a market capitalization of $3.51 billion, a P/E ratio of -26.44 and a beta of 1.88. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32.

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

Wall Street Analysts Forecast Growth

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

Insider Activity at Tutor Perini

In other Tutor Perini news, Chairman Ronald N. Tutor sold 116,856 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $64.21, for a total value of $7,503,323.76. Following the completion of the transaction, the chairman owned 4,154,129 shares in the company, valued at approximately $266,736,623.09. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sidney J. Feltenstein sold 124,668 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $65.96, for a total value of $8,223,101.28. Following the completion of the transaction, the director directly owned 187,274 shares of the company's stock, valued at $12,352,593.04. The trade was a 39.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 725,000 shares of company stock worth $44,824,931 in the last quarter. 17.30% of the stock is currently owned by insiders.

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.

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