Fred Alger Management LLC Sells 15,099 Shares of Tutor Perini Corporation $TPC

Key Points

• Fred Alger Management LLC decreased its stake in Tutor Perini Corporation by 1.3%, now holding 1,117,915 shares valued at approximately $25.9 million.
• Tutor Perini reported a 21.8% year-over-year revenue increase, with quarterly earnings of $1.41 per share, exceeding the consensus estimate by $1.12.
• Multiple brokerages, including Zacks Research and UBS Group, have upgraded Tutor Perini's stock rating to "strong-buy" with target prices increased to as high as $75.00.

Fred Alger Management LLC lowered its position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 1.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,117,915 shares of the construction company's stock after selling 15,099 shares during the quarter. Fred Alger Management LLC owned approximately 2.12% of Tutor Perini worth $25,913,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TPC. GAMMA Investing LLC raised its position 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 acquiring an additional 510 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Tutor Perini during the first quarter worth $54,000. Comerica Bank raised its position in shares of Tutor Perini by 30.7% during the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after acquiring an additional 569 shares during the last quarter. CWM LLC raised its position 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 worth $80,000 after acquiring an additional 850 shares during the last quarter. Finally, AlphaQuest LLC raised its position in shares of Tutor Perini by 849.2% during the first quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock worth $80,000 after acquiring an additional 3,074 shares during the last quarter. Institutional investors own 65.01% of the company's stock.

Tutor Perini Trading Up 1.7%

NYSE:TPC traded up $1.07 on Friday, reaching $63.96. The company's stock had a trading volume of 617,677 shares, compared to its average volume of 516,865. Tutor Perini Corporation has a 1-year low of $18.33 and a 1-year high of $65.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $3.37 billion, a PE ratio of -25.38 and a beta of 1.88. The business's 50-day moving average price is $53.35 and its two-hundred day moving average price is $38.36.

Tutor Perini (NYSE:TPC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $1.41 earnings per share (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 analysts' expectations 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.02 earnings per share.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TPC shares. UBS Group lifted their price objective on Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen raised Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Monday, August 11th. B. Riley lifted their price objective on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Zacks Research raised Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat.com, Tutor Perini presently has a consensus 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 106,832 shares of the company's stock in a transaction dated 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 completion of the transaction, the chairman directly owned 4,395,957 shares of the company's stock, valued at $259,625,220.42. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 400,000 shares of company stock worth $23,677,555 over the last ninety days. 17.30% of the stock is owned by corporate insiders.

Tutor Perini Company 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.