Fred Alger Management LLC Acquires New Position in Tutor Perini Co. (NYSE:TPC)

Fred Alger Management LLC bought a new position in Tutor Perini Co. (NYSE:TPC) during the third quarter, Holdings Channel.com reports. The institutional investor bought 590,367 shares of the construction company’s stock, valued at approximately $16,034,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hennessy Advisors Inc. purchased a new position in Tutor Perini during the second quarter worth approximately $12,362,000. American Century Companies Inc. increased its stake in shares of Tutor Perini by 59.9% in the 2nd quarter. American Century Companies Inc. now owns 759,665 shares of the construction company’s stock worth $16,546,000 after acquiring an additional 284,627 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Tutor Perini by 84.4% during the 2nd quarter. Acadian Asset Management LLC now owns 539,336 shares of the construction company’s stock worth $11,742,000 after acquiring an additional 246,901 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Tutor Perini by 9.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the construction company’s stock valued at $52,263,000 after acquiring an additional 198,348 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Tutor Perini in the second quarter valued at about $4,138,000. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TPC has been the topic of a number of analyst reports. StockNews.com downgraded shares of Tutor Perini from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. B. Riley lifted their price target on shares of Tutor Perini from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, UBS Group upped their price objective on Tutor Perini from $27.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd.

Tutor Perini Stock Down 0.5 %

Shares of TPC opened at $27.11 on Friday. The company’s 50-day moving average price is $27.59 and its 200 day moving average price is $23.88. Tutor Perini Co. has a 12-month low of $7.83 and a 12-month high of $34.55. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.55 and a current ratio of 1.55.

Tutor Perini (NYSE:TPC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported ($1.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.89) by ($0.03). The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. Tutor Perini’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted ($0.71) earnings per share. Equities research analysts expect that Tutor Perini Co. will post -1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tutor Perini news, Director Raymond R. Oneglia sold 50,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $28.68, for a total transaction of $1,434,000.00. Following the sale, the director now directly owns 250,000 shares in the company, valued at $7,170,000. This represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ronald N. Tutor sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $30.72, for a total transaction of $3,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,257,313 shares of the company’s stock, valued at approximately $100,064,655.36. The trade was a 3.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 325,000 shares of company stock worth $9,686,000 over the last ninety days. Corporate insiders own 19.50% 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.