Massachusetts Financial Services Co. MA Acquires New Holdings in Tutor Perini Co. (NYSE:TPC)

Massachusetts Financial Services Co. MA bought a new stake in Tutor Perini Co. (NYSE:TPC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 13,236 shares of the construction company’s stock, valued at approximately $359,000.

Other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of Tutor Perini by 9.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the construction company’s stock worth $52,263,000 after acquiring an additional 198,348 shares during the period. Vanguard Group Inc. lifted its position in Tutor Perini by 1.1% in the first quarter. Vanguard Group Inc. now owns 2,333,269 shares of the construction company’s stock worth $33,739,000 after purchasing an additional 25,246 shares during the period. American Century Companies Inc. lifted its position in Tutor Perini by 59.9% in the second quarter. American Century Companies Inc. now owns 759,665 shares of the construction company’s stock worth $16,546,000 after purchasing an additional 284,627 shares during the period. Hennessy Advisors Inc. bought a new position in Tutor Perini during the 2nd quarter valued at $12,362,000. Finally, Acadian Asset Management LLC increased its position in shares of Tutor Perini by 84.4% during the 2nd quarter. Acadian Asset Management LLC now owns 539,336 shares of the construction company’s stock valued at $11,742,000 after purchasing an additional 246,901 shares during the period. Institutional investors and hedge funds own 65.01% of the company’s stock.

Tutor Perini Stock Performance

Shares of NYSE TPC opened at $27.25 on Thursday. Tutor Perini Co. has a 52-week low of $7.83 and a 52-week high of $34.55. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -10.86 and a beta of 1.50. 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 stock’s fifty day simple moving average is $27.51 and its 200 day simple moving average is $23.83.

Tutor Perini (NYSE:TPC) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported ($1.92) earnings per share 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 during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the business posted ($0.71) EPS. The company’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.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TPC. B. Riley raised their target price on Tutor Perini from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. StockNews.com lowered shares of Tutor Perini from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, UBS Group boosted their target price on shares of Tutor Perini from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd.

Insider Activity at Tutor Perini

In related news, CEO Ronald N. Tutor sold 50,000 shares of the stock in a transaction dated 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 directly owns 2,362,267 shares of the company’s stock, valued at approximately $72,710,578.26. This represents a 2.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Raymond R. Oneglia sold 100,000 shares of the firm’s stock in a transaction dated 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 sale, the director now 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 325,000 shares of company stock worth $9,686,000. 19.50% of the stock is owned by corporate insiders.

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.