JPMorgan Chase & Co. Acquires 460,945 Shares of Tutor Perini Co. (NYSE:TPC)

JPMorgan Chase & Co. boosted its holdings in Tutor Perini Co. (NYSE:TPC) by 611.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 536,384 shares of the construction company’s stock after buying an additional 460,945 shares during the quarter. JPMorgan Chase & Co.’s holdings in Tutor Perini were worth $14,568,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. USA Financial Formulas raised its holdings in shares of Tutor Perini by 19.6% during the third quarter. USA Financial Formulas now owns 3,451 shares of the construction company’s stock valued at $94,000 after purchasing an additional 566 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Tutor Perini by 3.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,874 shares of the construction company’s stock worth $368,000 after purchasing an additional 571 shares during the period. CWM LLC raised its stake in Tutor Perini by 53.0% during the 3rd quarter. CWM LLC now owns 2,622 shares of the construction company’s stock valued at $71,000 after buying an additional 908 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of Tutor Perini during the 3rd quarter valued at $52,000. Finally, FMR LLC lifted its holdings in shares of Tutor Perini by 103.1% during the 3rd quarter. FMR LLC now owns 4,725 shares of the construction company’s stock valued at $128,000 after buying an additional 2,399 shares during the period. Institutional investors own 65.01% of the company’s stock.

Insider Activity

In other Tutor Perini news, CEO Ronald N. Tutor sold 50,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $30.78, for a total value of $1,539,000.00. Following the completion of the sale, the chief executive officer now owns 2,362,267 shares in the company, valued at approximately $72,710,578.26. This represents a 2.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Raymond R. Oneglia sold 100,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.73, for a total value of $2,873,000.00. Following the completion of the transaction, the director now owns 400,000 shares in the company, valued at $11,492,000. The trade was a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 325,000 shares of company stock worth $9,686,000 in the last three months. Company insiders own 19.50% of the company’s stock.

Tutor Perini Stock Down 2.2 %

NYSE TPC opened at $23.95 on Friday. Tutor Perini Co. has a 52 week low of $7.83 and a 52 week high of $34.55. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $1.26 billion, a P/E ratio of -9.54 and a beta of 1.54. The stock’s 50-day moving average price is $26.78 and its 200-day moving average price is $24.87.

Tutor Perini (NYSE:TPC) last released its earnings results on Wednesday, November 6th. The construction company reported ($1.92) EPS for the quarter, missing analysts’ consensus estimates of ($1.89) by ($0.03). Tutor Perini had a negative return on equity of 9.56% and a negative net margin of 3.08%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.17 billion. Tutor Perini’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.71) EPS. On average, equities research analysts predict that Tutor Perini Co. will post -1.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TPC. Vertical Research initiated coverage on Tutor Perini in a research report on Tuesday, December 10th. They set a “buy” rating and a $38.00 price objective for the company. UBS Group increased their price objective on shares of Tutor Perini from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. StockNews.com upgraded shares of Tutor Perini from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. Finally, B. Riley increased their price target on shares of Tutor Perini from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

Tutor Perini 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.