Tutor Perini (NYSE:TPC) Shares Down 28% – Here’s What Happened

Tutor Perini Co. (NYSE:TPC)’s stock price traded down 28% on Thursday . The stock traded as low as $26.58 and last traded at $19.55. 179,683 shares changed hands during trading, a decline of 68% from the average session volume of 557,470 shares. The stock had previously closed at $27.16.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TPC. UBS Group increased their target price on 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 increased their price objective on shares of Tutor Perini from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Vertical Research initiated coverage on shares of Tutor Perini in a research report on Tuesday, December 10th. They issued a “buy” rating and a $38.00 price objective on the stock. Finally, StockNews.com raised shares of Tutor Perini from a “hold” rating to a “buy” rating in a research note on Friday, January 3rd.

Tutor Perini Price Performance

The stock has a market cap of $1.40 billion, a P/E ratio of -10.66 and a beta of 1.54. The company has a 50 day simple moving average of $25.98 and a 200 day simple moving average of $25.08. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.53.

Tutor Perini (NYSE:TPC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported ($1.92) EPS for the quarter, missing analysts’ consensus estimates of ($1.89) by ($0.03). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.17 billion. Tutor Perini had a negative return on equity of 9.56% and a negative net margin of 3.08%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.71) EPS. Sell-side analysts forecast that Tutor Perini Co. will post -1.47 earnings per share for the current fiscal year.

Insider Transactions at Tutor Perini

In other news, CEO Ronald N. Tutor sold 125,000 shares of Tutor Perini stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.72, for a total value of $3,840,000.00. Following the completion of the transaction, the chief executive officer now 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Raymond R. Oneglia sold 100,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 400,000 shares in the company, valued at approximately $11,492,000. The trade was a 20.00 % 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 in the last three months. Insiders own 19.50% of the company’s stock.

Hedge Funds Weigh In On Tutor Perini

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in shares of Tutor Perini by 9.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the construction company’s stock valued at $52,263,000 after buying an additional 198,348 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 valued at $27,795,000 after purchasing an additional 38,458 shares during the last quarter. State Street Corp raised its position in shares of Tutor Perini by 2.0% in the third quarter. State Street Corp now owns 975,082 shares of the construction company’s stock valued at $26,483,000 after purchasing an additional 19,518 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Tutor Perini by 129.4% in the 3rd 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 during the period. Finally, Hennessy Advisors Inc. boosted its holdings in shares of Tutor Perini by 6.8% during the fourth quarter. Hennessy Advisors Inc. now owns 682,981 shares of the construction company’s stock worth $16,528,000 after acquiring an additional 43,600 shares during the period. Institutional investors and hedge funds own 65.01% of the company’s stock.

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.