Westside Investment Management Inc. Reduces Stock Position in Tutor Perini Corporation $TPC

Westside Investment Management Inc. lowered its stake in shares of Tutor Perini Corporation (NYSE:TPC) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,212 shares of the construction company’s stock after selling 8,405 shares during the quarter. Tutor Perini accounts for 2.4% of Westside Investment Management Inc.’s investment portfolio, making the stock its 5th largest holding. Westside Investment Management Inc. owned 0.44% of Tutor Perini worth $15,100,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of TPC. Arizona State Retirement System boosted its holdings in Tutor Perini by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 13,256 shares of the construction company’s stock worth $869,000 after acquiring an additional 182 shares during the last quarter. KLP Kapitalforvaltning AS lifted its position in shares of Tutor Perini by 3.1% during the second quarter. KLP Kapitalforvaltning AS now owns 9,900 shares of the construction company’s stock valued at $463,000 after purchasing an additional 300 shares in the last quarter. Comerica Bank boosted its holdings in Tutor Perini by 30.7% during the first quarter. Comerica Bank now owns 2,423 shares of the construction company’s stock worth $56,000 after purchasing an additional 569 shares during the last quarter. Lesa Sroufe & Co grew its position in Tutor Perini by 0.9% in the 3rd quarter. Lesa Sroufe & Co now owns 71,171 shares of the construction company’s stock worth $4,668,000 after purchasing an additional 636 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its position in Tutor Perini by 6.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,176 shares of the construction company’s stock worth $476,000 after purchasing an additional 639 shares in the last quarter. 65.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Tutor Perini news, CEO Gary G. Smalley acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average price of $61.08 per share, for a total transaction of $305,400.00. Following the completion of the transaction, the chief executive officer owned 118,075 shares of the company’s stock, valued at approximately $7,212,021. This represents a 4.42% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter Arkley purchased 15,147 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were acquired at an average price of $64.39 per share, with a total value of $975,315.33. Following the transaction, the director owned 191,717 shares in the company, valued at approximately $12,344,657.63. The trade was a 8.58% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 45,000 shares of company stock worth $2,870,313 in the last quarter. 17.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on TPC shares. UBS Group lifted their target price on shares of Tutor Perini from $67.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Wall Street Zen cut Tutor Perini from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tutor Perini in a research note on Wednesday, January 21st. Finally, B. Riley reaffirmed a “buy” rating on shares of Tutor Perini in a research report on Thursday, November 6th. Two research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $80.50.

Tutor Perini Trading Up 3.0%

NYSE:TPC opened at $82.47 on Wednesday. Tutor Perini Corporation has a 1 year low of $18.33 and a 1 year high of $82.50. The stock’s fifty day moving average price is $71.38 and its two-hundred day moving average price is $64.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market cap of $4.35 billion, a P/E ratio of -155.61 and a beta of 2.21.

Tutor Perini (NYSE:TPC) last announced its quarterly earnings results on Wednesday, November 5th. The construction company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.19. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Tutor Perini had a positive return on equity of 7.07% and a negative net margin of 0.55%.The firm’s quarterly revenue was up 30.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.92) earnings per share.

Tutor Perini Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 23rd. Stockholders of record on Tuesday, December 9th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, December 9th. Tutor Perini’s payout ratio is -45.28%.

Tutor Perini Company Profile

Tutor Perini Corporation is a leading U.S. construction company that provides diversified general contracting, construction management and design-build services to private clients and public agencies. The company operates through three principal market segments—Civil, Building and Specialty Contractors—serving a broad range of infrastructure and vertical construction needs.

In its Civil segment, Tutor Perini delivers heavy civil infrastructure projects including highways and bridges, water management, dams, tunnels and rail systems.