JPMorgan Chase & Co. Cuts Position in Tutor Perini Corporation (TPC)
JPMorgan Chase & Co. decreased its holdings in Tutor Perini Corporation (NYSE:TPC) by 0.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 291,172 shares of the construction company’s stock after selling 836 shares during the period. JPMorgan Chase & Co. owned approximately 0.59% of Tutor Perini Corporation worth $8,372,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new position in Tutor Perini Corporation in the first quarter valued at approximately $101,000. Envestnet Asset Management Inc. raised its holdings in Tutor Perini Corporation by 8.1% in the first quarter. Envestnet Asset Management Inc. now owns 4,516 shares of the construction company’s stock valued at $144,000 after buying an additional 340 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in Tutor Perini Corporation in the first quarter valued at approximately $218,000. BNP Paribas Arbitrage SA raised its holdings in Tutor Perini Corporation by 239.8% in the second quarter. BNP Paribas Arbitrage SA now owns 8,112 shares of the construction company’s stock valued at $233,000 after buying an additional 5,725 shares during the period. Finally, OppenheimerFunds Inc. purchased a new position in Tutor Perini Corporation in the first quarter valued at approximately $310,000. Hedge funds and other institutional investors own 81.11% of the company’s stock.
Shares of Tutor Perini Corporation (NYSE:TPC) opened at 28.40 on Friday. The firm has a market cap of $1.41 billion, a P/E ratio of 13.96 and a beta of 2.45. Tutor Perini Corporation has a 12 month low of $18.05 and a 12 month high of $33.00. The firm has a 50-day moving average of $25.83 and a 200 day moving average of $27.99.
Tutor Perini Corporation (NYSE:TPC) last announced its quarterly earnings results on Monday, August 7th. The construction company reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.42 billion. Tutor Perini Corporation had a return on equity of 6.60% and a net margin of 2.08%. The firm’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.43 EPS. On average, equities research analysts anticipate that Tutor Perini Corporation will post $2.26 EPS for the current fiscal year.
TPC has been the topic of several research reports. BidaskClub lowered shares of Tutor Perini Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Canaccord Genuity restated a “buy” rating and issued a $35.00 price target on shares of Tutor Perini Corporation in a report on Saturday, August 26th. KeyCorp restated a “hold” rating on shares of Tutor Perini Corporation in a report on Friday, August 25th. Finally, Zacks Investment Research lowered shares of Tutor Perini Corporation from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $31.29.
In related news, major shareholder N. Tutor Separate Prope Ronald sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $26.11, for a total value of $652,750.00. Following the completion of the sale, the insider now directly owns 5,923,120 shares in the company, valued at approximately $154,652,663.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ronald N. Tutor sold 3,617 shares of the business’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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,000 shares of company stock valued at $4,566,711. 24.50% of the stock is owned by corporate 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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