Tutor Perini (NYSE:TPC) Trading Down 59.5% - Here's What Happened

Tutor Perini Corporation (NYSE:TPC - Get Free Report) shares were down 59.5% on Monday . The company traded as low as $46.15 and last traded at $18.99. Approximately 165,314 shares changed hands during trading, a decline of 75% from the average daily volume of 663,497 shares. The stock had previously closed at $46.85.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. B. Riley restated a "buy" rating and issued a $50.00 price objective (up from $40.00) on shares of Tutor Perini in a report on Friday, June 6th. UBS Group upped their price target on Tutor Perini from $40.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded Tutor Perini from a "hold" rating to a "buy" rating in a research report on Thursday, May 8th.

Tutor Perini Price Performance

The company's 50-day moving average price is $36.58 and its 200-day moving average price is $28.15. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -16.73 and a beta of 1.79.

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

Insiders Place Their Bets

In related news, Director Raymond R. Oneglia sold 75,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $36.23, for a total transaction of $2,717,250.00. Following the sale, the director directly owned 115,470 shares in the company, valued at approximately $4,183,478.10. This represents a 39.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Ronald N. Tutor sold 130,478 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.93, for a total transaction of $5,340,464.54. Following the completion of the sale, the chairman directly owned 4,570,985 shares in the company, valued at approximately $187,090,416.05. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 410,000 shares of company stock valued at $15,891,651. 17.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Tutor Perini during the 1st quarter worth $965,000. Ameriprise Financial Inc. raised its stake in Tutor Perini by 8.8% in the fourth quarter. Ameriprise Financial Inc. now owns 211,843 shares of the construction company's stock valued at $5,127,000 after buying an additional 17,217 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Tutor Perini by 47.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 89,032 shares of the construction company's stock valued at $2,155,000 after buying an additional 28,701 shares in the last quarter. Millennium Management LLC lifted 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 last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Tutor Perini by 2,971.0% during the 1st quarter. GAMMA Investing LLC now owns 48,214 shares of the construction company's stock worth $1,118,000 after acquiring an additional 46,644 shares in the last quarter. Institutional investors and hedge funds 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.