The Manufacturers Life Insurance Company Boosts Holdings in Tutor Perini Co. (NYSE:TPC)

The Manufacturers Life Insurance Company raised its stake in shares of Tutor Perini Co. (NYSE:TPC) by 35.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,827 shares of the construction company’s stock after purchasing an additional 5,953 shares during the period. The Manufacturers Life Insurance Company’s holdings in Tutor Perini were worth $620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TPC. Price T Rowe Associates Inc. MD purchased a new position in Tutor Perini during the first quarter valued at $177,000. CWM LLC lifted its stake in shares of Tutor Perini by 142.8% in the second quarter. CWM LLC now owns 1,714 shares of the construction company’s stock worth $37,000 after buying an additional 1,008 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Tutor Perini in the second quarter worth about $12,362,000. Bank of New York Mellon Corp lifted its stake in shares of Tutor Perini by 8.8% in the second quarter. Bank of New York Mellon Corp now owns 155,931 shares of the construction company’s stock worth $3,396,000 after buying an additional 12,622 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Tutor Perini in the second quarter worth about $51,000. 65.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Tutor Perini news, Director Raymond R. Oneglia sold 50,000 shares of Tutor Perini stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $28.68, for a total transaction of $1,434,000.00. Following the completion of the sale, the director now directly owns 250,000 shares in the company, valued at $7,170,000. This trade represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ronald N. Tutor sold 125,000 shares of Tutor Perini stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.72, for a total transaction of $3,840,000.00. Following the sale, the chief executive officer now owns 3,257,313 shares of the company’s stock, valued at approximately $100,064,655.36. This represents a 3.70 % 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 valued at $9,686,000 over the last ninety days. Company insiders own 19.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TPC shares. B. Riley raised their price target on shares of Tutor Perini from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Vertical Research started coverage on shares of Tutor Perini in a research note on Tuesday. They issued a “buy” rating and a $38.00 price target on the stock. UBS Group raised their price target 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. Finally, StockNews.com downgraded shares of Tutor Perini from a “buy” rating to a “hold” rating in a research note on Friday, November 15th.

Tutor Perini Price Performance

Shares of TPC stock opened at $26.20 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.55 and a quick ratio of 1.55. The firm’s 50-day moving average is $27.66 and its two-hundred day moving average is $24.38. Tutor Perini Co. has a 12 month low of $7.83 and a 12 month high of $34.55. The company has a market capitalization of $1.37 billion, a PE ratio of -10.44 and a beta of 1.49.

Tutor Perini (NYSE:TPC) last issued 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 analysts’ expectations of $1.17 billion. During the same period last year, the firm earned ($0.71) earnings per share. Tutor Perini’s revenue for the quarter was up 2.1% on a year-over-year basis. Analysts predict that Tutor Perini Co. will post -1.47 earnings per share for the current year.

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.