Assenagon Asset Management S.A. Acquires 37,478 Shares of Tutor Perini Co. (NYSE:TPC)

Assenagon Asset Management S.A. raised its stake in shares of Tutor Perini Co. (NYSE:TPC) by 67.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 93,202 shares of the construction company’s stock after purchasing an additional 37,478 shares during the period. Assenagon Asset Management S.A. owned 0.18% of Tutor Perini worth $2,255,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TPC. JPMorgan Chase & Co. raised its position in shares of Tutor Perini by 611.0% during the third quarter. JPMorgan Chase & Co. now owns 536,384 shares of the construction company’s stock worth $14,568,000 after acquiring an additional 460,945 shares during the last quarter. Franklin Resources Inc. increased its position in Tutor Perini by 24.6% during the 3rd quarter. Franklin Resources Inc. now owns 79,907 shares of the construction company’s stock valued at $2,130,000 after purchasing an additional 15,788 shares during the period. Sculati Wealth Management LLC increased its position in Tutor Perini by 18.5% during the 3rd quarter. Sculati Wealth Management LLC now owns 208,712 shares of the construction company’s stock valued at $5,669,000 after purchasing an additional 32,589 shares during the period. Geode Capital Management LLC raised its holdings in Tutor Perini by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,023,198 shares of the construction company’s stock worth $27,795,000 after purchasing an additional 38,458 shares during the last quarter. Finally, Barclays PLC lifted its position in shares of Tutor Perini by 298.0% in the 3rd quarter. Barclays PLC now owns 69,875 shares of the construction company’s stock worth $1,898,000 after purchasing an additional 52,319 shares during the period. 65.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPC has been the subject of several recent analyst reports. B. Riley increased their price objective 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. StockNews.com upgraded Tutor Perini from a “hold” rating to a “buy” rating in a report on Friday, January 3rd. Vertical Research initiated coverage on Tutor Perini in a research note on Tuesday, December 10th. They issued a “buy” rating and a $38.00 price objective on the stock. Finally, UBS Group upped their target price on Tutor Perini from $27.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd.

Insider Buying and Selling at Tutor Perini

In related news, Director Raymond R. Oneglia sold 100,000 shares of the company’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 sale, the director now owns 400,000 shares in the company, valued at $11,492,000. This represents a 20.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ronald N. Tutor sold 50,000 shares of Tutor Perini stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $30.78, for a total value of $1,539,000.00. Following the transaction, the chief executive officer now owns 2,362,267 shares of the company’s stock, valued at $72,710,578.26. This trade represents a 2.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 325,000 shares of company stock valued at $9,686,000. Company insiders own 19.50% of the company’s stock.

Tutor Perini Stock Down 0.9 %

Shares of NYSE TPC opened at $27.16 on Thursday. 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 firm has a market cap of $1.42 billion, a PE ratio of -10.82 and a beta of 1.54. The company’s fifty day simple moving average is $25.98 and its 200 day simple moving average is $25.08. Tutor Perini Co. has a 12-month low of $8.34 and a 12-month high of $34.55.

Tutor Perini (NYSE:TPC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported ($1.92) earnings per share (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 company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned ($0.71) EPS. Tutor Perini’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Tutor Perini Co. will post -1.47 earnings per share for the current fiscal year.

About Tutor Perini

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.