Fred Alger Management LLC Invests $16.03 Million in Tutor Perini Co. (NYSE:TPC)

Fred Alger Management LLC bought a new stake in Tutor Perini Co. (NYSE:TPC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 590,367 shares of the construction company’s stock, valued at approximately $16,034,000. Fred Alger Management LLC owned about 1.13% of Tutor Perini as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Martingale Asset Management L P increased its stake in shares of Tutor Perini by 21.8% in the third quarter. Martingale Asset Management L P now owns 20,806 shares of the construction company’s stock worth $565,000 after acquiring an additional 3,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Tutor Perini by 7.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,331 shares of the construction company’s stock valued at $1,639,000 after purchasing an additional 4,070 shares during the last quarter. Brightline Capital Management LLC grew its position in Tutor Perini by 5.5% during the 3rd quarter. Brightline Capital Management LLC now owns 560,000 shares of the construction company’s stock worth $15,210,000 after purchasing an additional 29,000 shares during the period. FMR LLC raised its stake 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 last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of Tutor Perini by 88.9% in the 3rd quarter. Quantbot Technologies LP now owns 20,597 shares of the construction company’s stock valued at $559,000 after buying an additional 9,691 shares during the period. Institutional investors and hedge funds own 65.01% of the company’s stock.

Tutor Perini Stock Performance

NYSE TPC opened at $27.11 on Friday. The stock has a 50-day moving average of $27.59 and a 200 day moving average of $23.88. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.53. Tutor Perini Co. has a twelve month low of $7.83 and a twelve month high of $34.55.

Tutor Perini (NYSE:TPC) last announced its earnings results on Wednesday, November 6th. The construction company reported ($1.92) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company earned ($0.71) earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts expect that Tutor Perini Co. will post -1.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. StockNews.com cut Tutor Perini from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. UBS Group raised 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. Finally, B. Riley boosted their target price on shares of Tutor Perini from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

Insider Buying and Selling at Tutor Perini

In related news, Director Raymond R. Oneglia sold 100,000 shares of the firm’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 transaction, the director now directly owns 400,000 shares of the company’s stock, valued at approximately $11,492,000. This trade represents a 20.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ronald N. Tutor sold 50,000 shares of Tutor Perini 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 owns 2,362,267 shares in the company, valued at approximately $72,710,578.26. The trade was a 2.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 325,000 shares of company stock valued at $9,686,000 over the last ninety days. Corporate insiders own 19.50% of the company’s stock.

Tutor Perini Company 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.