Tutor Perini (NYSE:TPC) Stock Price Down 65.9% - Here's What Happened

Key Points

• Tutor Perini's stock price plummeted by 65.9% during trading, dropping to a low of $58.54 and last trading at $19.93.
• Despite the recent stock decline, analysts have given the company a consensus rating of "Buy", with target prices ranging from $60 to $75.
• The construction firm reported earnings of $1.41 per share for the last quarter, exceeding expectations significantly and showing a year-over-year revenue increase of 21.8%.

Tutor Perini Corporation (NYSE:TPC - Get Free Report)'s stock price fell 65.9% during mid-day trading on Monday . The company traded as low as $58.54 and last traded at $19.93. 614,922 shares were traded during mid-day trading, a decline of 10% from the average session volume of 681,667 shares. The stock had previously closed at $58.43.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TPC. Wall Street Zen upgraded shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Monday, August 11th. UBS Group upped their target price on shares of Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a report on Thursday, August 7th. B. Riley upped their target price on shares of Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Zacks Research upgraded shares of Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $60.00.

Tutor Perini Stock Performance

The stock's 50-day moving average is $48.52 and its 200-day moving average is $34.54. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -23.32 and a beta of 1.83. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32.

Tutor Perini (NYSE:TPC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $1.12. The firm 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 company's revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS.

Insider Transactions at Tutor Perini

In other Tutor Perini news, Chairman Ronald N. Tutor sold 130,478 shares of the stock in a transaction that occurred on 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 completion of the sale, the chairman owned 4,570,985 shares of the company's stock, valued at $187,090,416.05. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 310,000 shares of company stock valued at $12,270,901 over the last three months. 17.30% of the stock is owned by company insiders.

Institutional Trading of Tutor Perini

Several large investors have recently bought and sold shares of TPC. SG Americas Securities LLC bought a new stake in shares of Tutor Perini in the first quarter worth $965,000. GAMMA Investing LLC grew its holdings in Tutor Perini by 32.5% during the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock worth $48,000 after acquiring an additional 510 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Tutor Perini by 7.6% during the 1st quarter. Bank of New York Mellon Corp now owns 127,546 shares of the construction company's stock worth $2,957,000 after acquiring an additional 9,001 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tutor Perini by 75.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,363 shares of the construction company's stock worth $542,000 after acquiring an additional 10,018 shares in the last quarter. Finally, Ameriprise Financial Inc. grew 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 acquiring an additional 17,217 shares in the last quarter. Institutional investors and hedge funds own 65.01% of the company's stock.

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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