Franklin Resources Inc. Buys 15,788 Shares of Tutor Perini Co. (NYSE:TPC)

Franklin Resources Inc. increased its position in Tutor Perini Co. (NYSE:TPC) by 24.6% in the third quarter, Holdings Channel.com reports. The fund owned 79,907 shares of the construction company’s stock after acquiring an additional 15,788 shares during the quarter. Franklin Resources Inc.’s holdings in Tutor Perini were worth $2,130,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of TPC. Dimensional Fund Advisors LP lifted its stake in 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 purchasing an additional 198,348 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Tutor Perini by 3.9% in the third quarter. Geode Capital Management LLC now owns 1,023,198 shares of the construction company’s stock worth $27,795,000 after buying an additional 38,458 shares in the last quarter. State Street Corp boosted its stake in Tutor Perini by 2.0% during the third quarter. State Street Corp now owns 975,082 shares of the construction company’s stock valued at $26,483,000 after buying an additional 19,518 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Tutor Perini by 129.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 783,396 shares of the construction company’s stock worth $21,277,000 after buying an additional 441,858 shares in the last quarter. Finally, 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. Hedge funds and other institutional investors own 65.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TPC shares. StockNews.com downgraded Tutor Perini from a “buy” rating to a “hold” rating in a research report on Wednesday. B. Riley boosted their price target on shares of Tutor Perini from $38.00 to $40.00 and gave the stock 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 stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Vertical Research started coverage on shares of Tutor Perini in a report on Tuesday, December 10th. They set a “buy” rating and a $38.00 price objective for the company.

Insider Buying and Selling

In other 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 completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ronald N. Tutor sold 50,000 shares of the firm’s stock in a transaction on 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 directly owns 2,362,267 shares of the company’s stock, valued at $72,710,578.26. This represents a 2.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 325,000 shares of company stock valued at $9,686,000 over the last quarter. 19.50% of the stock is owned by company insiders.

Tutor Perini Stock Up 0.6 %

Shares of NYSE TPC opened at $24.48 on Friday. The firm’s fifty day moving average is $27.37 and its 200 day moving average is $24.61. Tutor Perini Co. has a 52 week low of $7.83 and a 52 week high of $34.55. 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 company has a market cap of $1.28 billion, a price-to-earnings ratio of -9.75 and a beta of 1.49.

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). The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. Tutor Perini’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.71) EPS. On average, equities research analysts expect that Tutor Perini Co. will post -1.47 earnings per share for the current 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.