Zurcher Kantonalbank Zurich Cantonalbank Acquires 10,018 Shares of Tutor Perini Corporation (NYSE:TPC)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Tutor Perini Corporation by 75.1%, now owning 23,363 shares valued at approximately $542,000.
• Several institutional investors have modified their positions in Tutor Perini, with SG Americas Securities LLC acquiring a new position worth about $965,000 in the first quarter.
• B. Riley raised its price target for Tutor Perini from $50.00 to $75.00, maintaining a "buy" rating, while other analysts adjusted their ratings as well.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 75.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,363 shares of the construction company's stock after buying an additional 10,018 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Tutor Perini were worth $542,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of TPC. SG Americas Securities LLC bought a new position in Tutor Perini during the first quarter worth about $965,000. GAMMA Investing LLC raised its holdings in Tutor Perini by 32.5% during the 1st 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. Bank of New York Mellon Corp increased its stake in shares of Tutor Perini by 7.6% in the 1st quarter. Bank of New York Mellon Corp now owns 127,546 shares of the construction company's stock valued at $2,957,000 after acquiring an additional 9,001 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Tutor Perini by 8.8% in the 4th quarter. Ameriprise Financial Inc. now owns 211,843 shares of the construction company's stock valued at $5,127,000 after acquiring an additional 17,217 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tutor Perini by 47.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 89,032 shares of the construction company's stock valued at $2,155,000 after purchasing an additional 28,701 shares during the period. 65.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. B. Riley lifted their price objective on shares of Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday. Wall Street Zen lowered Tutor Perini from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 3rd. Finally, UBS Group upped their target price on Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a research note on Thursday.

Tutor Perini Price Performance

Shares of Tutor Perini stock opened at $55.23 on Friday. The business has a 50 day moving average of $44.62 and a 200 day moving average of $31.91. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The company has a market cap of $2.91 billion, a PE ratio of -21.92 and a beta of 1.83. Tutor Perini Corporation has a 52 week low of $18.29 and a 52 week high of $63.96.

Tutor Perini (NYSE:TPC - Get Free Report) last issued its quarterly earnings results 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. Tutor Perini had a negative return on equity of 6.47% and a negative net margin of 2.77%. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the company earned $0.02 earnings per share. The company's revenue was up 21.8% on a year-over-year basis.

Insider Activity

In related news, Chairman Ronald N. Tutor sold 130,478 shares of Tutor Perini stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $40.93, for a total transaction of $5,340,464.54. Following the sale, the chairman owned 4,570,985 shares of the company's stock, valued at approximately $187,090,416.05. This trade represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Raymond R. Oneglia sold 75,000 shares of Tutor Perini stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $36.23, for a total value of $2,717,250.00. Following the sale, the director directly owned 115,470 shares in the company, valued at $4,183,478.10. This trade represents a 39.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 410,000 shares of company stock worth $15,891,651 over the last three months. Insiders own 17.30% of the company's stock.

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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