BI Asset Management Fondsmaeglerselskab A S Takes Position in Tutor Perini Corporation $TPC

BI Asset Management Fondsmaeglerselskab A S bought a new position in Tutor Perini Corporation (NYSE:TPC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 78,930 shares of the construction company’s stock, valued at approximately $5,177,000. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.15% of Tutor Perini at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Comerica Bank increased its stake in 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 last quarter. USA Financial Formulas bought a new stake in Tutor Perini in the third quarter worth $90,000. State of Alaska Department of Revenue purchased a new stake in Tutor Perini during the third quarter valued at $192,000. Principal Financial Group Inc. bought a new position in Tutor Perini during the third quarter valued at $204,000. Finally, Corton Capital Inc. bought a new position in Tutor Perini during the second quarter valued at $213,000. Hedge funds and other institutional investors own 65.01% of the company’s stock.

Tutor Perini Trading Up 4.7%

TPC opened at $83.68 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 1.30. The stock’s 50 day moving average price is $72.15 and its 200-day moving average price is $64.69. Tutor Perini Corporation has a one year low of $18.33 and a one year high of $84.65. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -157.88 and a beta of 2.21.

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

Tutor Perini Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently issued reports on TPC. B. Riley Financial restated a “buy” rating on shares of Tutor Perini in a research report on Thursday, November 6th. UBS Group upped their price objective on Tutor Perini from $67.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tutor Perini in a report on Wednesday, January 21st. Finally, Wall Street Zen lowered Tutor Perini from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 22nd. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $80.50.

Insider Activity

In related news, Director Peter Arkley acquired 24,853 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was bought at an average price of $63.96 per share, for a total transaction of $1,589,597.88. Following the acquisition, the director directly owned 176,570 shares of the company’s stock, valued at $11,293,417.20. This represents a 16.38% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gary G. Smalley acquired 5,000 shares of the stock in a transaction on Wednesday, November 19th. The stock was bought at an average cost of $61.08 per share, with a total value of $305,400.00. Following the completion of the transaction, the chief executive officer owned 118,075 shares in the company, valued at $7,212,021. This trade represents a 4.42% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 45,000 shares of company stock worth $2,870,313 in the last ninety days. 17.30% of the stock is currently owned by insiders.

About Tutor Perini

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.