Victory Capital Management Inc. Takes Position in Tutor Perini Corporation (NYSE:TPC)

Victory Capital Management Inc. purchased a new stake in Tutor Perini Corporation (NYSE:TPC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 53,680 shares of the construction company’s stock, valued at approximately $1,244,000.

Other large investors also recently modified their holdings of the company. Donald Smith & CO. Inc. raised its position in shares of Tutor Perini by 5.5% in the 4th quarter. Donald Smith & CO. Inc. now owns 3,450,257 shares of the construction company’s stock worth $83,496,000 after acquiring an additional 179,819 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Tutor Perini by 6.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,825,350 shares of the construction company’s stock worth $68,373,000 after acquiring an additional 170,440 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Tutor Perini by 5.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,726,545 shares of the construction company’s stock worth $65,982,000 after acquiring an additional 148,425 shares in the last quarter. Fred Alger Management LLC raised its position in shares of Tutor Perini by 91.9% in the 4th quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company’s stock worth $27,419,000 after acquiring an additional 542,647 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Tutor Perini by 74.6% in the 4th quarter. First Trust Advisors LP now owns 938,478 shares of the construction company’s stock worth $22,711,000 after acquiring an additional 401,117 shares in the last quarter. 65.01% of the stock is currently owned by institutional investors.

Insider Transactions at Tutor Perini

In other Tutor Perini news, Chairman Ronald N. Tutor sold 130,478 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.93, for a total transaction of $5,340,464.54. Following the completion of the transaction, the chairman owned 4,570,985 shares of the company’s stock, valued at approximately $187,090,416.05. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Raymond R. Oneglia sold 75,000 shares of the stock in a transaction that occurred 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 sale, the director owned 115,470 shares in the company, valued at approximately $4,183,478.10. The trade was a 39.38% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 410,000 shares of company stock valued at $15,891,651. 17.30% of the stock is owned by insiders.

Tutor Perini Stock Performance

NYSE TPC opened at $47.59 on Thursday. The company has a 50-day simple moving average of $43.16 and a two-hundred day simple moving average of $30.93. The company has a quick ratio of 1.33, a current 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 firm has a market cap of $2.51 billion, a price-to-earnings ratio of -16.52 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 for the quarter, topping analysts’ consensus estimates of $0.06 by $0.47. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.08 billion. Tutor Perini had a negative net margin of 3.35% and a negative return on equity of 11.64%. Tutor Perini’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share.

Analysts Set New Price Targets

TPC has been the subject of a number of analyst reports. UBS Group lifted their price target on Tutor Perini from $41.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, July 10th. B. Riley reiterated a “buy” rating and set a $50.00 price target (up previously from $40.00) on shares of Tutor Perini in a research note on Friday, June 6th. Finally, Wall Street Zen upgraded Tutor Perini from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 26th.

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.