Insiders Unloading Shares Of These Companies Ahead Of The Fed’s Two-Day Policy Meeting

Tutor Perini Corp (NYSE:TPC) is another company that saw an insider sell shares yesterday. The company’s President and Chief Operating Officer, James A. Frost, unloaded 5,000 shares for $17.27 each, trimming his stake to 462,226 shares. It’s worth noting that the executive, who has been with the company for more than 25 years, has been gradually cashing out his sizable stake over the last few months. The recent selloffs might be explained by the company’s poor stock performance this year (the stock has lost 28% year-to-date), which has been partially impacted by unexpected losses on some of the company’s projects. The second-quarter results of Tutor Perini Corp (NYSE:TPC), a civil and building contracting company, were accompanied by strong revenue growth and a stable backlog, which were in turn offset by lower-than-expected operating income. The operating income was impacted by the significant loss on the company’s Hudson Yards Tower C concrete project. Dreman Value Management, founded by David Dreman, added a 438,329 share-position in the stock to its portfolio during the second quarter.

Lastly, Pinnacle Financial Partners (NASDAQ:PNFP) saw Director William H. Huddleston sell 1,679 shares at a price of $48.63 per share on Monday. After yesterday’s transaction, the director owns a stake of 47,251 shares. The shares of Pinnacle have had a great run this year, until the broader market “correction” started in mid-August. Even so, the stock has delivered a return of 23% year-to-date. Earlier this month, the holding company for Pinnacle Bank announced the completion of its previously-announced merger with Magna Bank, which will assist the company’s geographic expansion to Tennessee’s four urban markets. The freshly-combined company has total assets of $8.2 billion as of June 30, with 42 offices in 13 Tennessee counties. Magna is set to operate as a separate division of Pinnacle Bank until November, when the two companies will combine their operations. From the massive pool of hedge funds and other investors monitored by Insider Monkey, Jim Simons’ Renaissance Technologies represents the largest equity holder of Pinnacle Financial Partners (NASDAQ:PNFP), with 545,300 shares.

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