Brightline Capital Management LLC Increases Stock Position in Tutor Perini Co. (NYSE:TPC)

Brightline Capital Management LLC increased its position in Tutor Perini Co. (NYSE:TPC) by 5.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 560,000 shares of the construction company’s stock after buying an additional 29,000 shares during the period. Tutor Perini comprises approximately 6.5% of Brightline Capital Management LLC’s holdings, making the stock its 7th largest position. Brightline Capital Management LLC’s holdings in Tutor Perini were worth $15,210,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Hennessy Advisors Inc. purchased a new position in shares of Tutor Perini during the second quarter valued at about $12,362,000. American Century Companies Inc. increased its stake in Tutor Perini by 59.9% in the 2nd quarter. American Century Companies Inc. now owns 759,665 shares of the construction company’s stock worth $16,546,000 after acquiring an additional 284,627 shares during the last quarter. Acadian Asset Management LLC raised its holdings 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 worth $11,742,000 after acquiring an additional 246,901 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tutor Perini by 9.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the construction company’s stock valued at $52,263,000 after acquiring an additional 198,348 shares during the last quarter. Finally, Algert Global LLC purchased a new position in shares of Tutor Perini in the second quarter valued at $4,138,000. Hedge funds and other institutional investors own 65.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TPC. B. Riley upped their price target 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. UBS Group increased their price target on shares of Tutor Perini from $27.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, StockNews.com cut Tutor Perini from a “buy” rating to a “hold” rating in a research note on Friday, November 15th.

Tutor Perini Trading Up 0.9 %

Shares of TPC traded up $0.25 during mid-day trading on Wednesday, hitting $28.61. The company’s stock had a trading volume of 45,438 shares, compared to its average volume of 448,925. Tutor Perini Co. has a 52-week low of $7.83 and a 52-week high of $34.55. The company’s 50-day moving average is $27.42 and its 200-day moving average is $23.76. 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 (NYSE:TPC) last released 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 company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business earned ($0.71) earnings per share. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts expect that Tutor Perini Co. will post -1.47 EPS for the current year.

Insider Activity

In related news, CEO Ronald N. Tutor sold 50,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $30.78, for a total transaction of $1,539,000.00. Following the transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Raymond R. Oneglia sold 100,000 shares of the firm’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 sale, 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 disclosure for this sale can be found here. Insiders sold a total of 325,000 shares of company stock valued at $9,686,000 in the last three months. 19.50% of the stock is currently owned by corporate insiders.

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.