Tutor Perini (NYSE:TPC) Stock Price Up 13.7% Following Analyst Upgrade

Tutor Perini Co. (NYSE:TPC)’s share price was up 13.7% during mid-day trading on Thursday after StockNews.com upgraded the stock from a hold rating to a buy rating. The stock traded as high as $34.44 and last traded at $34.44. Approximately 455,272 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 446,501 shares. The stock had previously closed at $30.28.

A number of other research firms also recently commented on TPC. B. Riley upped their price objective on Tutor Perini from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday. UBS Group increased their price target on Tutor Perini from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC lifted its position in shares of Tutor Perini by 13.9% in the third quarter. Empowered Funds LLC now owns 268,521 shares of the construction company’s stock valued at $7,293,000 after buying an additional 32,676 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in Tutor Perini during the 3rd quarter valued at $52,000. US Bancorp DE boosted its position in Tutor Perini by 19,259.7% during the third quarter. US Bancorp DE now owns 14,907 shares of the construction company’s stock worth $405,000 after purchasing an additional 14,830 shares during the period. Pinnacle Associates Ltd. increased its holdings in shares of Tutor Perini by 3.6% in the third quarter. Pinnacle Associates Ltd. now owns 296,235 shares of the construction company’s stock valued at $8,046,000 after purchasing an additional 10,218 shares during the last quarter. Finally, Creative Planning increased its holdings in shares of Tutor Perini by 62.2% in the third quarter. Creative Planning now owns 23,256 shares of the construction company’s stock valued at $632,000 after purchasing an additional 8,917 shares during the last quarter. 65.01% of the stock is currently owned by institutional investors.

Tutor Perini Trading Up 9.8 %

The business’s 50 day moving average price is $25.95 and its 200-day moving average price is $22.64. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.50. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -25.57 and a beta of 1.50.

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 analysts’ consensus estimates of ($1.78) by ($0.14). The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.17 billion. Tutor Perini had a negative return on equity of 4.49% and a negative net margin of 1.59%. Tutor Perini’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.71) EPS. On average, equities analysts anticipate that Tutor Perini Co. will post -1 EPS for the current fiscal year.

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.