Tutor Perini (NYSE:TPC) Chairman Sells $7,503,323.76 in Stock

Key Points

• Ronald Tutor, Chairman of Tutor Perini, sold 116,856 shares at an average price of $64.21, totaling over $7.5 million, which represents a 2.74% decrease in his position.
• Tutor Perini reported a 21.8% increase in revenue year-over-year for the last quarter, totaling $1.37 billion, and achieved an EPS of $1.41, exceeding analysts' expectations by $1.12.
• Recent institutional activity includes Osaic Holdings increasing its position by 328,325%, and the majority of the stock, 65.01%, is currently held by hedge funds and institutional investors.

Tutor Perini Corporation (NYSE:TPC - Get Free Report) Chairman Ronald N. Tutor sold 116,856 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $64.21, for a total transaction of $7,503,323.76. Following the completion of the sale, the chairman directly owned 4,154,129 shares of the company's stock, valued at $266,736,623.09. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Tutor Perini Stock Performance

Tutor Perini stock traded up $1.38 during midday trading on Monday, hitting $66.86. The stock had a trading volume of 487,216 shares, compared to its average volume of 555,178. The firm's fifty day moving average is $55.40 and its two-hundred day moving average is $40.07. The company has a market capitalization of $3.53 billion, a PE ratio of -26.53 and a beta of 1.88. Tutor Perini Corporation has a 52-week low of $18.33 and a 52-week high of $66.99. 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 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the firm posted $0.02 EPS. The company's revenue was up 21.8% on a year-over-year basis.

Analysts Set New Price Targets

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

Institutional Trading of Tutor Perini

Several institutional investors and hedge funds have recently made changes to their positions in TPC. KLP Kapitalforvaltning AS increased its position in shares of Tutor Perini by 3.1% in the second quarter. KLP Kapitalforvaltning AS now owns 9,900 shares of the construction company's stock valued at $463,000 after buying an additional 300 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Tutor Perini by 32.5% in the first quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after buying an additional 510 shares in the last quarter. Aristeia Capital L.L.C. increased its position in shares of Tutor Perini by 4.6% in the first quarter. Aristeia Capital L.L.C. now owns 11,957 shares of the construction company's stock valued at $277,000 after buying an additional 530 shares in the last quarter. Comerica Bank increased its position in shares of Tutor Perini by 30.7% in the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock valued at $56,000 after buying an additional 569 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its position in shares of Tutor Perini by 6.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,176 shares of the construction company's stock valued at $476,000 after buying an additional 639 shares in the last quarter. 65.01% of the stock is currently owned by institutional investors.

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.