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

Key Points

• Tutor Perini Corporation's stock hit a new 52-week high of $68.09 during trading, closing at $66.62 with a trading volume of 457,852 shares.
• Recent analyst upgrades have boosted confidence in Tutor Perini, with Zacks rating it a "strong-buy" and B. Riley increasing its price target to $75.00.
• The company reported a strong quarterly earnings performance, with an EPS of $1.41, significantly surpassing the consensus estimate of $0.29, and a year-over-year revenue increase of 21.8%.

Tutor Perini Corporation (NYSE:TPC - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $68.09 and last traded at $66.62, with a volume of 457852 shares traded. The stock had previously closed at $66.81.

Analysts Set New Price Targets

TPC has been the topic of several recent analyst reports. Zacks Research upgraded shares of Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. B. Riley lifted 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 lifted 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. 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 research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $60.00.

Tutor Perini Stock Down 0.3%

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of -26.44 and a beta of 1.88. The firm's 50-day simple moving average is $55.75 and its 200-day simple moving average is $40.35.

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

Insider Activity

In other news, Chairman Ronald N. Tutor sold 83,144 shares of Tutor Perini stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $64.94, for a total transaction of $5,399,371.36. Following the sale, the chairman directly owned 4,062,985 shares in the company, valued at approximately $263,850,245.90. The trade was a 2.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sidney J. Feltenstein sold 124,668 shares of Tutor Perini stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $65.96, for a total transaction of $8,223,101.28. Following the sale, the director owned 187,274 shares in the company, valued at approximately $12,352,593.04. This trade represents a 39.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 725,000 shares of company stock worth $44,824,931. 17.30% of the stock is owned by company insiders.

Institutional Trading of Tutor Perini

Several institutional investors have recently made changes to their positions in the business. Donald Smith & CO. Inc. boosted its position in shares of Tutor Perini by 16.8% during the 1st quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after acquiring an additional 580,963 shares in the last quarter. Vanguard Group Inc. boosted its position in Tutor Perini by 4.8% in the first quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock valued at $65,585,000 after buying an additional 130,747 shares in the last quarter. First Trust Advisors LP boosted its position in Tutor Perini by 4,166.1% in the second quarter. First Trust Advisors LP now owns 1,153,214 shares of the construction company's stock valued at $53,947,000 after buying an additional 1,126,182 shares in the last quarter. Geode Capital Management LLC boosted its position in Tutor Perini by 2.2% in the second quarter. Geode Capital Management LLC now owns 1,049,338 shares of the construction company's stock valued at $49,094,000 after buying an additional 22,210 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Tutor Perini by 24.5% in the second quarter. American Century Companies Inc. now owns 989,612 shares of the construction company's stock valued at $46,294,000 after buying an additional 194,729 shares in the last quarter. 65.01% of the stock is currently owned by institutional investors and hedge funds.

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.

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