Tutor Perini (NYSE:TPC) Reaches New 12-Month High - Still a 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)'s share price hit a new 52-week high on Thursday . The stock traded as high as $65.63 and last traded at $65.73, with a volume of 343962 shares trading hands. The stock had previously closed at $63.62.

Wall Street Analyst Weigh In

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

Tutor Perini Stock Performance

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 stock has a market cap of $3.45 billion, a price-to-earnings ratio of -25.98 and a beta of 1.88. The stock's 50 day moving average is $55.04 and its two-hundred day moving average is $39.78.

Tutor Perini (NYSE:TPC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The construction company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $0.29 by $1.12. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.02 earnings per share.

Insider Activity at Tutor Perini

In related news, Director Sidney J. Feltenstein sold 124,668 shares of the stock in a transaction on 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 completion of the sale, the director directly owned 187,274 shares of the company's stock, valued at $12,352,593.04. This trade represents a 39.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Ronald N. Tutor sold 83,144 shares of the business's stock in a transaction on 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 completion of the transaction, the chairman directly owned 4,062,985 shares in the company, valued at $263,850,245.90. This represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,000 shares of company stock valued at $44,824,931 in the last 90 days. Company insiders own 17.30% of the company's stock.

Hedge Funds Weigh In On Tutor Perini

A number of large investors have recently modified their holdings of the company. Donald Smith & CO. Inc. grew its stake in shares of Tutor Perini by 16.8% in the first quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after buying an additional 580,963 shares in the last quarter. Vanguard Group Inc. raised its stake in Tutor Perini by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock valued at $65,585,000 after acquiring an additional 130,747 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of 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 acquiring an additional 1,126,182 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 during the period. Finally, American Century Companies Inc. raised its holdings in shares of Tutor Perini by 24.5% in the 2nd quarter. American Century Companies Inc. now owns 989,612 shares of the construction company's stock worth $46,294,000 after purchasing an additional 194,729 shares in the last quarter. 65.01% of the stock is currently owned by hedge funds and other institutional investors.

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.