Bank of New York Mellon Corp Boosts Stock Holdings in Tutor Perini Corporation (NYSE:TPC)

Bank of New York Mellon Corp raised its holdings in shares of Tutor Perini Corporation (NYSE:TPC) by 7.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 127,546 shares of the construction company’s stock after purchasing an additional 9,001 shares during the period. Bank of New York Mellon Corp owned 0.24% of Tutor Perini worth $2,957,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in shares of Tutor Perini by 32.5% in the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company’s stock worth $48,000 after buying an additional 510 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of Tutor Perini by 7.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,291 shares of the construction company’s stock worth $249,000 after buying an additional 700 shares during the last quarter. Sterling Capital Management LLC grew its position in shares of Tutor Perini by 7.0% in the 4th quarter. Sterling Capital Management LLC now owns 18,836 shares of the construction company’s stock worth $456,000 after buying an additional 1,235 shares during the last quarter. Gotham Asset Management LLC grew its position in shares of Tutor Perini by 4.3% in the 4th quarter. Gotham Asset Management LLC now owns 38,684 shares of the construction company’s stock worth $936,000 after buying an additional 1,609 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its position in shares of Tutor Perini by 19.5% in the 4th quarter. EP Wealth Advisors LLC now owns 10,294 shares of the construction company’s stock worth $249,000 after buying an additional 1,680 shares during the last quarter. Hedge funds and other institutional investors own 65.01% of the company’s stock.

Tutor Perini Stock Performance

Shares of NYSE TPC opened at $47.96 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.33. Tutor Perini Corporation has a 12 month low of $14.50 and a 12 month high of $51.98. The company has a 50 day simple moving average of $42.50 and a two-hundred day simple moving average of $30.50. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -16.65 and a beta of 1.79.

Tutor Perini (NYSE:TPC) last posted its earnings results on Wednesday, May 7th. The construction company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.47. Tutor Perini had a negative net margin of 3.35% and a negative return on equity of 11.64%. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the business posted $0.30 EPS. The business’s revenue was up 18.8% compared to the same quarter last year.

Insider Buying and Selling at Tutor Perini

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the business’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $40.93, for a total value of $5,340,464.54. Following the completion of the transaction, the chairman directly owned 4,570,985 shares in the company, valued at $187,090,416.05. The trade was a 2.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Raymond R. Oneglia sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $36.23, for a total transaction of $2,717,250.00. Following the completion of the transaction, the director owned 115,470 shares of the company’s stock, valued at approximately $4,183,478.10. This represents a 39.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 410,000 shares of company stock valued at $15,891,651. Company insiders own 17.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TPC. B. Riley reiterated a “buy” rating and issued a $50.00 target price (up from $40.00) on shares of Tutor Perini in a research note on Friday, June 6th. Wall Street Zen upgraded shares of Tutor Perini from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, UBS Group lifted their target price on shares of Tutor Perini from $41.00 to $59.00 and gave the stock a “buy” rating in a research note on Thursday, July 10th.

Tutor Perini Company 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.