Tutor Perini (NYSE:TPC) Shares Down 57.8% - What's Next?

Key Points

• Tutor Perini's shares plummeted 57.8%, closing at $19.50 after trading as low as $46.69, with a dramatic decline in average daily volume.
• Analysts have revised price targets for Tutor Perini, with B. Riley increasing their target to $50, while UBS Group set a new target of $59.
• Insider selling was notable, with significant transactions including a director shedding 75,000 shares, reflecting a 39.38% decrease in their position.

Tutor Perini Corporation (NYSE:TPC - Get Free Report)'s share price dropped 57.8% during trading on Tuesday . The company traded as low as $46.69 and last traded at $19.50. Approximately 117,370 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 663,341 shares. The stock had previously closed at $46.18.

Analysts Set New Price Targets

TPC has been the subject of a number of recent research reports. Wall Street Zen cut Tutor Perini from a "strong-buy" rating to a "buy" rating in a report on Sunday. B. Riley reissued a "buy" rating and set a $50.00 price target (up from $40.00) on shares of Tutor Perini in a research note on Friday, June 6th. Finally, UBS Group raised their price target on Tutor Perini from $41.00 to $59.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th.

Tutor Perini Stock Up 3.4%

The firm has a market capitalization of $2.52 billion, a PE ratio of -16.58 and a beta of 1.83. The company has a fifty day simple moving average of $43.82 and a two-hundred day simple moving average of $31.48. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.33 and a current ratio of 1.33.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.06 by $0.47. Tutor Perini had a negative return on equity of 11.64% and a negative net margin of 3.35%. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the company posted $0.30 EPS. The business's revenue for the quarter was up 18.8% compared to the same quarter last year.

Insider Activity

In other Tutor Perini news, Director Raymond R. Oneglia sold 75,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $36.23, for a total transaction of $2,717,250.00. Following the sale, the director owned 115,470 shares in the company, valued at approximately $4,183,478.10. The trade was a 39.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ronald N. Tutor sold 130,478 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $40.93, for a total value of $5,340,464.54. Following the sale, the chairman owned 4,570,985 shares in the company, valued at approximately $187,090,416.05. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 410,000 shares of company stock worth $15,891,651 over the last ninety days. 17.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Tutor Perini

A number of hedge funds have recently modified their holdings of TPC. GAMMA Investing LLC grew its stake in Tutor Perini by 32.5% in the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after acquiring an additional 510 shares during the period. New Age Alpha Advisors LLC acquired a new stake in Tutor Perini in the 1st quarter valued at $54,000. Comerica Bank grew its stake in Tutor Perini by 30.7% in the 1st quarter. Comerica Bank now owns 2,423 shares of the construction company's stock valued at $56,000 after acquiring an additional 569 shares during the period. CWM LLC grew its stake in Tutor Perini by 32.8% in the 1st quarter. CWM LLC now owns 3,442 shares of the construction company's stock valued at $80,000 after acquiring an additional 850 shares during the period. Finally, AlphaQuest LLC grew its stake in Tutor Perini by 849.2% in the 1st quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock valued at $80,000 after acquiring an additional 3,074 shares during the period. 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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