Connor Clark & Lunn Investment Management Ltd. Reduces Position in Tutor Perini Co. (NYSE:TPC)

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Tutor Perini Co. (NYSE:TPC) by 70.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 41,931 shares of the construction company’s stock after selling 101,200 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.08% of Tutor Perini worth $1,139,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC purchased a new position in shares of Tutor Perini in the 3rd quarter valued at approximately $1,410,000. Empowered Funds LLC grew its stake in shares of Tutor Perini by 13.9% in the 3rd quarter. Empowered Funds LLC now owns 268,521 shares of the construction company’s stock valued at $7,293,000 after purchasing an additional 32,676 shares during the last quarter. Plato Investment Management Ltd purchased a new position in shares of Tutor Perini in the 3rd quarter valued at approximately $52,000. US Bancorp DE grew its stake in shares of Tutor Perini by 19,259.7% in the 3rd quarter. US Bancorp DE now owns 14,907 shares of the construction company’s stock valued at $405,000 after purchasing an additional 14,830 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its stake in shares of Tutor Perini by 3.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 296,235 shares of the construction company’s stock valued at $8,046,000 after purchasing an additional 10,218 shares during the last quarter. Hedge funds and other institutional investors own 65.01% of the company’s stock.

Insider Buying and Selling

In other news, Director Raymond R. Oneglia sold 100,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was 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 directly owns 400,000 shares of the company’s stock, valued at $11,492,000. The trade was a 20.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ronald N. Tutor sold 125,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $30.72, for a total value of $3,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,257,313 shares of the company’s stock, valued at approximately $100,064,655.36. This trade represents a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 325,000 shares of company stock valued at $9,686,000. 19.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. StockNews.com downgraded Tutor Perini from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. B. Riley lifted their price target on Tutor Perini from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, UBS Group lifted their price target on Tutor Perini from $27.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd.

Tutor Perini Stock Down 3.9 %

Tutor Perini stock opened at $27.25 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.55 and a quick ratio of 1.55. Tutor Perini Co. has a 1-year low of $7.83 and a 1-year high of $34.55. The company has a market cap of $1.43 billion, a PE ratio of -10.90 and a beta of 1.50. The stock’s 50 day moving average price is $27.51 and its 200 day moving average price is $23.83.

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