Tutor Perini (NYSE:TPC) Lowered to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Tutor Perini (NYSE:TPC) from a buy rating to a hold rating in a report released on Wednesday.

A number of other brokerages have also issued reports on TPC. UBS Group upped their target price on shares of Tutor Perini from $27.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. B. Riley boosted their price objective on Tutor Perini from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Vertical Research assumed coverage on Tutor Perini in a report on Tuesday, December 10th. They set a “buy” rating and a $38.00 target price on the stock.

Tutor Perini Trading Down 2.8 %

NYSE:TPC opened at $24.34 on Wednesday. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -9.70 and a beta of 1.49. Tutor Perini has a one year low of $7.83 and a one year high of $34.55. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.55 and a current ratio of 1.55. The business’s 50-day simple moving average is $27.44 and its 200 day simple moving average is $24.62.

Tutor Perini (NYSE:TPC) last announced its earnings results 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). Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. The business had revenue of $1.08 billion during 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 business’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, sell-side analysts predict that Tutor Perini will post -1.47 earnings per share for the current fiscal year.

Insider Activity

In other Tutor Perini news, CEO Ronald N. Tutor sold 125,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $30.72, for a total value of $3,840,000.00. Following the sale, the chief executive officer now directly owns 3,257,313 shares of the company’s stock, valued at $100,064,655.36. This trade represents a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Raymond R. Oneglia sold 50,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $28.68, for a total transaction of $1,434,000.00. Following the transaction, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $7,170,000. This trade represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 325,000 shares of company stock valued at $9,686,000. Company insiders own 19.50% of the company’s stock.

Institutional Trading of Tutor Perini

Several hedge funds have recently bought and sold shares of TPC. Plato Investment Management Ltd bought a new stake in Tutor Perini during the 3rd quarter valued at $52,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Tutor Perini during the second quarter valued at about $51,000. CWM LLC lifted its holdings in Tutor Perini by 53.0% in the third quarter. CWM LLC now owns 2,622 shares of the construction company’s stock worth $71,000 after purchasing an additional 908 shares during the period. nVerses Capital LLC bought a new position in Tutor Perini in the 2nd quarter valued at about $63,000. Finally, USA Financial Formulas increased its stake in Tutor Perini by 19.6% during the 3rd quarter. USA Financial Formulas now owns 3,451 shares of the construction company’s stock valued at $94,000 after buying an additional 566 shares during the period. 65.01% of the stock is currently owned by institutional investors.

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.