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

A number of other hedge funds have also recently modified their holdings of the business. Donald Smith & CO. Inc. boosted its holdings 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 in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Tutor Perini by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock valued at $65,585,000 after buying an additional 130,747 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Tutor Perini by 5.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,726,545 shares of the construction company's stock valued at $65,982,000 after buying an additional 148,425 shares in the last quarter. Boston Partners boosted its holdings in shares of Tutor Perini by 53.3% during the 1st quarter. Boston Partners now owns 928,264 shares of the construction company's stock valued at $21,509,000 after buying an additional 322,814 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Tutor Perini by 1.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 792,035 shares of the construction company's stock valued at $19,167,000 after buying an additional 8,639 shares in the last quarter. Institutional investors own 65.01% of the company's stock.

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 dated Tuesday, August 26th. The shares were sold at an average price of $59.06, for a total transaction of $6,309,497.92. Following the transaction, the chairman owned 4,395,957 shares in the company, valued at approximately $259,625,220.42. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 400,000 shares of company stock worth $23,677,555. 17.30% of the stock is currently owned by corporate insiders.

Tutor Perini Stock Performance

TPC traded up $1.07 during midday trading on Friday, hitting $63.96. 527,341 shares of the company traded hands, compared to its average volume of 669,812. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $3.37 billion, a PE ratio of -25.38 and a beta of 1.88. The company's 50-day moving average is $53.03 and its 200 day moving average is $37.96. Tutor Perini Corporation has a 52 week low of $18.33 and a 52 week high of $65.00.

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 the consensus estimate of $0.29 by $1.12. The business had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.27 billion. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The business's revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS.

Analyst Upgrades and Downgrades

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

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.