Tutor Perini (NYSE:TPC) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Tutor Perini (NYSE:TPC) from a hold rating to a buy rating in a research note published on Friday.

TPC has been the subject of a number of other research reports. UBS Group boosted their price objective on shares of Tutor Perini from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. B. Riley lifted their price target 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 started coverage on Tutor Perini in a research report on Tuesday, December 10th. They set a “buy” rating and a $38.00 price objective on the stock.

Tutor Perini Trading Up 2.6 %

Shares of NYSE TPC opened at $24.78 on Friday. Tutor Perini has a twelve month low of $7.83 and a twelve month high of $34.55. The firm has a market cap of $1.30 billion, a PE ratio of -9.87 and a beta of 1.49. The business has a fifty day simple moving average of $26.92 and a two-hundred day simple moving average of $24.79. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.53.

Tutor Perini (NYSE:TPC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported ($1.92) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the firm earned ($0.71) earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Analysts expect that Tutor Perini will post -1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Tutor Perini

In other news, Director Raymond R. Oneglia sold 100,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.73, for a total transaction of $2,873,000.00. Following the sale, the director now directly owns 400,000 shares of the company’s stock, valued at $11,492,000. The trade was a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ronald N. Tutor sold 50,000 shares of the company’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 completion of 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 disclosure for this sale can be found here. Insiders sold a total of 325,000 shares of company stock worth $9,686,000 over the last three months. Corporate insiders own 19.50% of the company’s stock.

Institutional Investors Weigh In On Tutor Perini

A number of institutional investors and hedge funds have recently modified their holdings of TPC. Fred Alger Management LLC purchased a new position in shares of Tutor Perini during the 3rd quarter valued at about $16,034,000. JPMorgan Chase & Co. grew its holdings in Tutor Perini by 611.0% during the third quarter. JPMorgan Chase & Co. now owns 536,384 shares of the construction company’s stock worth $14,568,000 after acquiring an additional 460,945 shares during the period. Jacobs Levy Equity Management Inc. raised 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 valued at $21,277,000 after acquiring an additional 441,858 shares in the last quarter. American Century Companies Inc. lifted its holdings in Tutor Perini by 59.9% in the second quarter. American Century Companies Inc. now owns 759,665 shares of the construction company’s stock valued at $16,546,000 after acquiring an additional 284,627 shares during the period. Finally, Acadian Asset Management LLC boosted its position in Tutor Perini by 84.4% in the 2nd quarter. Acadian Asset Management LLC now owns 539,336 shares of the construction company’s stock worth $11,742,000 after purchasing an additional 246,901 shares in the last quarter. Institutional investors and hedge funds own 65.01% of the company’s stock.

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.