Tutor Perini (NYSE:TPC) Stock Price Down 20.4% – Here’s Why

Shares of Tutor Perini Co. (NYSE:TPC) dropped 20.4% during mid-day trading on Friday . The company traded as low as $25.23 and last traded at $19.57. Approximately 283,919 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 419,539 shares. The stock had previously closed at $24.57.

Analyst Upgrades and Downgrades

TPC has been the subject of a number of research reports. StockNews.com raised Tutor Perini from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. UBS Group upped their target price on Tutor Perini from $27.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. B. Riley increased their price target on shares of Tutor Perini from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Vertical Research started coverage on shares of Tutor Perini in a research note on Tuesday, December 10th. They set a “buy” rating and a $38.00 price objective for the company.

Tutor Perini Trading Up 3.5 %

The business has a 50 day moving average price of $26.14 and a 200 day moving average price of $24.97. 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) EPS for the quarter, missing the consensus estimate of ($1.89) by ($0.03). The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Tutor Perini had a negative return on equity of 9.56% and a negative net margin of 3.08%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.71) EPS. On average, research analysts predict that Tutor Perini Co. will post -1.47 EPS for the current fiscal year.

Insider Activity at Tutor Perini

In other Tutor Perini news, Director Raymond R. Oneglia sold 50,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $28.68, for a total transaction of $1,434,000.00. Following the transaction, the director now owns 250,000 shares in the company, valued at approximately $7,170,000. This represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ronald N. Tutor sold 125,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 3,257,313 shares in the company, valued at $100,064,655.36. This represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 325,000 shares of company stock worth $9,686,000. 19.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TPC. Dimensional Fund Advisors LP grew its stake in Tutor Perini by 9.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the construction company’s stock valued at $52,263,000 after acquiring an additional 198,348 shares during the period. Geode Capital Management LLC grew its position 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 period. State Street Corp increased its stake in shares of Tutor Perini by 2.0% during the third quarter. State Street Corp now owns 975,082 shares of the construction company’s stock worth $26,483,000 after purchasing an additional 19,518 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Tutor Perini by 129.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 783,396 shares of the construction company’s stock worth $21,277,000 after purchasing an additional 441,858 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Tutor Perini by 59.9% in the 2nd quarter. American Century Companies Inc. now owns 759,665 shares of the construction company’s stock valued at $16,546,000 after buying an additional 284,627 shares in the last quarter. Hedge funds and other institutional investors 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.