Franklin Resources Inc. trimmed its holdings in shares of Tutor Perini Corporation (NYSE:TPC) by 1.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 933,284 shares of the construction company’s stock after selling 17,450 shares during the quarter. Franklin Resources Inc. owned 1.88% of Tutor Perini Corporation worth $26,832,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in TPC. Ameritas Investment Partners Inc. purchased a new stake in Tutor Perini Corporation in the 1st quarter worth about $101,000. Envestnet Asset Management Inc. raised its position in Tutor Perini Corporation by 8.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,516 shares of the construction company’s stock worth $144,000 after purchasing an additional 340 shares during the period. Pinnacle Associates Ltd. purchased a new stake in Tutor Perini Corporation in the 1st quarter worth about $205,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Tutor Perini Corporation in the 1st quarter worth about $218,000. Finally, BNP Paribas Arbitrage SA raised its position in Tutor Perini Corporation by 239.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,112 shares of the construction company’s stock worth $233,000 after purchasing an additional 5,725 shares during the period. Hedge funds and other institutional investors own 81.11% of the company’s stock.
Tutor Perini Corporation (NYSE:TPC) opened at 26.95 on Tuesday. Tutor Perini Corporation has a 52 week low of $18.05 and a 52 week high of $33.00. The firm has a 50-day moving average of $25.82 and a 200-day moving average of $28.02. The company has a market capitalization of $1.34 billion, a P/E ratio of 13.25 and a beta of 2.45.
Tutor Perini Corporation (NYSE:TPC) last released its quarterly earnings results on Monday, August 7th. The construction company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.42 billion. Tutor Perini Corporation had a net margin of 2.08% and a return on equity of 6.60%. The business’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 EPS. Analysts anticipate that Tutor Perini Corporation will post $2.26 EPS for the current fiscal year.
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TPC has been the topic of a number of recent analyst reports. Canaccord Genuity reissued a “buy” rating on shares of Tutor Perini Corporation in a research report on Friday, June 23rd. Zacks Investment Research raised shares of Tutor Perini Corporation from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research report on Wednesday, July 5th. KeyCorp reissued a “hold” rating on shares of Tutor Perini Corporation in a research report on Friday, August 25th. Finally, BidaskClub raised shares of Tutor Perini Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $31.29.
In other news, CEO Ronald N. Tutor sold 3,617 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $26.02, for a total value of $94,114.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ronald N. Tutor sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.09, for a total transaction of $1,956,750.00. The disclosure for this sale can be found here. Insiders sold a total of 175,000 shares of company stock worth $4,566,711 over the last three months. Insiders own 24.50% of the company’s stock.
Tutor Perini Corporation Profile
Tutor Perini Corporation is a construction company offering general contracting, construction management and design-build services to private customers and public agencies across the world. The Company operates through three segments: Civil, Building and Specialty Contractors. Its Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure across various geographic regions of the United States.
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