Tutor Perini (NYSE:TPC) Hits New 52-Week High - Time to Buy?

Key Points

• Tutor Perini's stock price hit a new 52-week high of $65.73, with a significant trading volume of 343,962 shares.
• An array of analyst upgrades has led Tutor Perini to earn a consensus rating of "Buy", with price targets ranging from $60.00 to $75.00.
• The company reported impressive quarterly earnings of $1.41 per share, outperforming expectations, with revenues increasing by 21.8% year-over-year.

Tutor Perini Corporation (NYSE:TPC - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $65.63 and last traded at $65.73, with a volume of 343962 shares traded. The stock had previously closed at $63.62.

Analysts Set New Price Targets

TPC has been the topic of several research analyst reports. B. Riley raised their price objective on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Zacks Research upgraded Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. UBS Group raised their target price on Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $60.00.

Tutor Perini Price Performance

The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -26.53 and a beta of 1.88. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. The business has a fifty day moving average price of $55.04 and a 200 day moving average price of $39.78.

Tutor Perini (NYSE:TPC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The construction company reported $1.41 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 6.41% and a negative net margin of 2.77%.The company's quarterly revenue was up 21.8% compared to the same quarter last year. During the same period last year, the company earned $0.02 earnings per share.

Insider Transactions at Tutor Perini

In related news, Director Sidney J. Feltenstein sold 124,668 shares of Tutor Perini stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $65.96, for a total transaction of $8,223,101.28. Following the transaction, the director directly owned 187,274 shares of the company's stock, valued at $12,352,593.04. The trade was a 39.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Ronald N. Tutor sold 116,856 shares of Tutor Perini stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $64.21, for a total value of $7,503,323.76. Following the transaction, the chairman directly owned 4,154,129 shares in the company, valued at approximately $266,736,623.09. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 725,000 shares of company stock worth $44,824,931. 17.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TPC. Ameriprise Financial Inc. raised its holdings in Tutor Perini by 8.8% during 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 period. Bank of America Corp DE raised its holdings in Tutor Perini by 25.0% during the 4th quarter. Bank of America Corp DE now owns 206,941 shares of the construction company's stock worth $5,008,000 after buying an additional 41,451 shares during the period. Deutsche Bank AG raised its holdings in Tutor Perini by 34.2% during the 4th quarter. Deutsche Bank AG now owns 48,285 shares of the construction company's stock worth $1,168,000 after buying an additional 12,296 shares during the period. Millennium Management LLC raised its holdings in Tutor Perini by 90.8% during the 4th quarter. Millennium Management LLC now owns 144,597 shares of the construction company's stock worth $3,499,000 after buying an additional 68,807 shares during the period. Finally, Man Group plc raised its holdings in Tutor Perini by 45.6% during the 4th quarter. Man Group plc now owns 12,010 shares of the construction company's stock worth $291,000 after buying an additional 3,760 shares during the period. 65.01% of the stock is 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.