Emerald Advisers Inc. PA Reduces Position in Tutor Perini Corporation (TPC)
Emerald Advisers Inc. PA reduced its holdings in Tutor Perini Corporation (NYSE:TPC) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 918,771 shares of the construction company’s stock after selling 21,890 shares during the quarter. Emerald Advisers Inc. PA owned 1.85% of Tutor Perini Corporation worth $26,093,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in TPC. Envestnet Asset Management Inc. raised its holdings in shares of Tutor Perini Corporation by 8.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,516 shares of the construction company’s stock worth $144,000 after purchasing an additional 340 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Tutor Perini Corporation by 119.4% in the 3rd quarter. Victory Capital Management Inc. now owns 6,877 shares of the construction company’s stock worth $195,000 after purchasing an additional 3,743 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Tutor Perini Corporation by 239.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,112 shares of the construction company’s stock worth $233,000 after purchasing an additional 5,725 shares in the last quarter. Eqis Capital Management Inc. bought a new stake in shares of Tutor Perini Corporation in the 2nd quarter worth approximately $291,000. Finally, Frontier Wealth Management LLC bought a new stake in shares of Tutor Perini Corporation in the 2nd quarter worth approximately $292,000. Institutional investors and hedge funds own 81.15% of the company’s stock.
Tutor Perini Corporation (NYSE:TPC) last issued its earnings results on Monday, August 7th. The construction company reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.42 billion. Tutor Perini Corporation had a return on equity of 6.60% and a net margin of 2.08%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.43 earnings per share.
TPC has been the topic of several research reports. Zacks Investment Research upgraded shares of Tutor Perini Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, October 11th. Seaport Global Securities downgraded shares of Tutor Perini Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $40.00 to $31.00 in a research report on Wednesday, October 11th. Canaccord Genuity reissued a “buy” rating and issued a $35.00 target price on shares of Tutor Perini Corporation in a research report on Saturday, August 26th. KeyCorp reaffirmed a “hold” rating on shares of Tutor Perini Corporation in a report on Friday, August 25th. Finally, BidaskClub downgraded shares of Tutor Perini Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $32.00.
In other news, CEO Ronald N. Tutor sold 3,617 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $26.02, for a total value of $94,114.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder N. Tutor Separate Prope Ronald sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $26.11, for a total value of $652,750.00. Following the completion of the transaction, the insider now directly owns 5,923,120 shares of the company’s stock, valued at approximately $154,652,663.20. The disclosure for this sale can be found here. Insiders sold 175,000 shares of company stock valued at $4,566,711 in the last ninety days. 24.50% of the stock is currently owned by insiders.
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About Tutor Perini Corporation
Tutor Perini Corporation is a construction company offering general contracting, construction management and design-build services to private customers and public agencies across the world. The Company operates through three segments: Civil, Building and Specialty Contractors. Its Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure across various geographic regions of the United States.
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