Tutor Perini (NYSE:TPC) Chairman Ronald N. Tutor Sells 80,660 Shares

Key Points

• Tutor Perini Chairman Ronald Tutor sold 80,660 shares of stock at an average price of $59.95, amounting to $4.83 million, resulting in a 1.83% decrease in his holdings.
• Despite the sale, Tutor Perini stock saw a slight increase of 0.4% during mid-day trading, reaching $59.16 with a market capitalization of $3.12 billion.
• Recent analyst reports have upgraded Tutor Perini to a "strong-buy" rating, with price targets raised significantly by firms such as B. Riley and UBS Group.

Tutor Perini Corporation (NYSE:TPC - Get Free Report) Chairman Ronald N. Tutor sold 80,660 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $59.95, for a total transaction of $4,835,567.00. Following the completion of the transaction, the chairman directly owned 4,315,297 shares in the company, valued at $258,702,055.15. This trade represents a 1.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Tutor Perini Trading Up 2.5%

Shares of NYSE TPC traded up $1.54 during mid-day trading on Friday, hitting $62.54. The company's stock had a trading volume of 630,530 shares, compared to its average volume of 618,217. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of -24.82 and a beta of 1.88. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. Tutor Perini Corporation has a one year low of $18.33 and a one year high of $63.96. The company's fifty day simple moving average is $51.83 and its 200-day simple moving average is $36.86.

Tutor Perini (NYSE:TPC - Get Free Report) last issued 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 company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.27 billion. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The company's revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS.

Institutional Trading of Tutor Perini

A number of hedge funds and other institutional investors have recently made changes to their positions in TPC. First Trust Advisors LP raised its holdings in shares of Tutor Perini by 4,166.1% in the second quarter. First Trust Advisors LP now owns 1,153,214 shares of the construction company's stock valued at $53,947,000 after purchasing an additional 1,126,182 shares during the last quarter. Donald Smith & CO. Inc. raised its holdings in shares of Tutor Perini by 16.8% in the first quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after purchasing an additional 580,963 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Tutor Perini in the first quarter valued at approximately $13,122,000. Fred Alger Management LLC raised its holdings in shares of Tutor Perini by 91.9% in the fourth quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company's stock valued at $27,419,000 after purchasing an additional 542,647 shares during the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of Tutor Perini by 438.4% in the second quarter. Prudential Financial Inc. now owns 610,720 shares of the construction company's stock valued at $28,569,000 after purchasing an additional 497,296 shares during the last quarter. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TPC has been the topic of several recent analyst reports. UBS Group lifted their price objective 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. Wall Street Zen raised shares of 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 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. Finally, Zacks Research raised shares of Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target 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.