Tutor Perini (NYSE:TPC) Trading Down 12.7% - Here's What Happened

Tutor Perini Co. (NYSE:TPC - Get Free Report) dropped 12.7% during mid-day trading on Wednesday . The company traded as low as $21.09 and last traded at $18.73. Approximately 211,899 shares traded hands during trading, a decline of 64% from the average daily volume of 596,130 shares. The stock had previously closed at $21.44.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TPC. B. Riley raised Tutor Perini to a "strong-buy" rating in a research report on Tuesday, March 18th. StockNews.com lowered Tutor Perini from a "buy" rating to a "hold" rating in a research report on Tuesday, January 28th.

Tutor Perini Stock Down 6.5 %

The firm's 50-day simple moving average is $23.38 and its 200 day simple moving average is $25.18. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market capitalization of $1.04 billion, a PE ratio of -7.87 and a beta of 1.47.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The construction company reported ($1.51) EPS for the quarter, missing the consensus estimate of $0.29 by ($1.80). The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.08 billion. Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. During the same quarter in the prior year, the company earned ($0.91) earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TPC. Barclays PLC raised its holdings in shares of Tutor Perini by 298.0% in the 3rd quarter. Barclays PLC now owns 69,875 shares of the construction company's stock worth $1,898,000 after purchasing an additional 52,319 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Tutor Perini by 611.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 536,384 shares of the construction company's stock valued at $14,568,000 after acquiring an additional 460,945 shares during the period. Assenagon Asset Management S.A. boosted its position in Tutor Perini by 67.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 93,202 shares of the construction company's stock worth $2,255,000 after purchasing an additional 37,478 shares during the period. Geode Capital Management LLC raised its position in Tutor Perini by 3.9% in the third quarter. Geode Capital Management LLC now owns 1,023,198 shares of the construction company's stock valued at $27,795,000 after purchasing an additional 38,458 shares during the period. Finally, State Street Corp lifted its stake in shares of Tutor Perini by 2.0% during the third quarter. State Street Corp now owns 975,082 shares of the construction company's stock worth $26,483,000 after purchasing an additional 19,518 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.