Pinnacle Associates Ltd. Cuts Stock Position in Tutor Perini Corporation $TPC

Pinnacle Associates Ltd. cut its stake in shares of Tutor Perini Corporation (NYSE:TPC) by 35.5% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 249,306 shares of the construction company’s stock after selling 137,264 shares during the period. Pinnacle Associates Ltd.’s holdings in Tutor Perini were worth $11,663,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TPC. KLP Kapitalforvaltning AS increased its stake 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 worth $463,000 after buying an additional 300 shares during the last quarter. GAMMA Investing LLC boosted its stake in 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 acquiring an additional 510 shares during the period. Aristeia Capital L.L.C. grew its stake in Tutor Perini by 4.6% during the 1st quarter. Aristeia Capital L.L.C. now owns 11,957 shares of the construction company’s stock worth $277,000 after buying an additional 530 shares during the last quarter. Comerica Bank increased its holdings in shares of Tutor Perini by 30.7% in the 1st quarter. Comerica Bank now owns 2,423 shares of the construction company’s stock worth $56,000 after acquiring an additional 569 shares during the period. Finally, CWM LLC increased its stake in shares of Tutor Perini by 32.8% in the first quarter. CWM LLC now owns 3,442 shares of the construction company’s stock valued at $80,000 after purchasing an additional 850 shares during the period. 65.01% of the stock is owned by hedge funds and other institutional investors.

Tutor Perini Trading Down 0.5%

Shares of TPC opened at $67.33 on Friday. The stock’s 50-day moving average price is $63.60 and its 200 day moving average price is $48.32. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of -26.72 and a beta of 1.86. Tutor Perini Corporation has a 12-month low of $18.33 and a 12-month high of $71.07.

Tutor Perini (NYSE:TPC) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $1.12. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.27 billion. Tutor Perini had a negative return on equity of 6.41% and a negative net margin of 2.77%.The company’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 earnings per share.

Insider Activity at Tutor Perini

In related news, 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 sale, the chairman directly owned 4,154,129 shares in the company, valued at $266,736,623.09. This represents a 2.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sidney J. Feltenstein sold 124,668 shares of the firm’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $65.96, for a total value of $8,223,101.28. Following the sale, the director directly owned 187,274 shares of the company’s stock, valued at $12,352,593.04. This represents a 39.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 725,000 shares of company stock worth $44,824,931 over the last three months. 17.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on TPC shares. B. Riley upped their price target 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tutor Perini in a research report on Wednesday, October 8th. Zacks Research cut shares of Tutor Perini from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. UBS Group lifted their target price on Tutor Perini from $59.00 to $67.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, 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. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $60.00.

Tutor Perini 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.