Tutor Perini (NYSE:TPC) Hits New 1-Year High - Here's Why

Key Points

• Shares of Tutor Perini Corporation hit a new 52-week high, trading as high as $64.57 and last at $64.86, with significant trading volume of 286,902 shares.
• Several brokerages raised their target prices for Tutor Perini, including B. Riley increasing it from $50 to $75 and UBS Group from $59 to $67, while Zacks upgraded the stock to a "strong-buy" rating.
• The company reported earnings of $1.41 per share, significantly surpassing analysts' expectations of $0.29, contributing to a 21.8% year-over-year revenue growth.

Shares of Tutor Perini Corporation (NYSE:TPC - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $64.57 and last traded at $64.86, with a volume of 286902 shares traded. The stock had previously closed at $62.89.

Analyst Ratings Changes

Several brokerages recently issued reports on TPC. B. Riley raised their target price on shares of Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. UBS Group raised their target price on shares of Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Zacks Research upgraded shares of Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $60.00.

Tutor Perini Stock Up 1.7%

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32. The company's 50 day moving average price is $53.03 and its two-hundred day moving average price is $37.96. The firm has a market cap of $3.37 billion, a PE ratio of -25.42 and a beta of 1.88.

Tutor Perini (NYSE:TPC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $1.12. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The company had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter in the previous year, the company earned $0.02 EPS. Tutor Perini's revenue for the quarter was up 21.8% on a year-over-year basis.

Insider Buying and Selling at Tutor Perini

In related news, Chairman Ronald N. Tutor sold 106,832 shares of Tutor Perini stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $59.06, for a total transaction of $6,309,497.92. Following the transaction, the chairman owned 4,395,957 shares in the company, valued at approximately $259,625,220.42. The trade was a 2.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 400,000 shares of company stock worth $23,677,555. 17.30% of the stock is currently owned by insiders.

Institutional Trading of Tutor Perini

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in Tutor Perini in the 1st quarter worth $965,000. GAMMA Investing LLC increased its holdings in shares of Tutor Perini by 32.5% in the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock worth $48,000 after buying an additional 510 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Tutor Perini by 7.6% in the 1st quarter. Bank of New York Mellon Corp now owns 127,546 shares of the construction company's stock worth $2,957,000 after buying an additional 9,001 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Tutor Perini by 75.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,363 shares of the construction company's stock worth $542,000 after buying an additional 10,018 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Tutor Perini by 8.8% in the 4th quarter. Ameriprise Financial Inc. now owns 211,843 shares of the construction company's stock worth $5,127,000 after buying an additional 17,217 shares during 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.

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