Tutor Perini (NYSE:TPC) Shares Down 65.9% - Here's Why

Key Points

• Tutor Perini's shares plummeted 65.9%, trading as low as $19.58 from a previous close of $57.44, with trading volume down 89% from average levels.
• Despite the recent decline, the stock has received multiple upgrades from brokerages, including a shift to a "strong-buy" rating from Wall Street Zen and Zacks Research.
• The company reported a 21.8% increase in quarterly revenue, beating expectations, with an EPS of $1.41 compared to analyst estimates of $0.29.

Tutor Perini Corporation (NYSE:TPC - Get Free Report)'s stock price dropped 65.9% during trading on Tuesday . The stock traded as low as $55.89 and last traded at $19.58. Approximately 76,248 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 680,659 shares. The stock had previously closed at $57.44.

Analyst Upgrades and Downgrades

TPC has been the topic of several recent analyst reports. Wall Street Zen raised Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Monday, August 11th. UBS Group increased their target price on Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Zacks Research raised Tutor Perini to a "strong-buy" rating in a report on Friday, August 8th. Finally, B. Riley raised their price objective on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat, Tutor Perini presently has an average rating of "Buy" and an average price target of $60.00.

Tutor Perini Stock Performance

The company has a market cap of $3.09 billion, a PE ratio of -23.21 and a beta of 1.83. The firm has a fifty day simple moving average of $48.52 and a 200-day simple moving average of $34.47. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32.

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. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm earned $0.02 earnings per share. The business's quarterly revenue was up 21.8% compared to the same quarter last year.

Insider Buying and Selling

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the firm'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 completion of the sale, the chairman owned 4,570,985 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 310,000 shares of company stock valued at $12,270,901 in the last three months. 17.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tutor Perini

Hedge funds have recently added to or reduced their stakes in the company. First Trust Advisors LP raised its position in 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 worth $53,947,000 after acquiring an additional 1,126,182 shares in the last quarter. Donald Smith & CO. Inc. grew its stake in shares of Tutor Perini by 16.8% during the 1st quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock worth $93,444,000 after purchasing an additional 580,963 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Tutor Perini in the 1st quarter valued at about $13,122,000. Fred Alger Management LLC lifted its stake in shares of Tutor Perini by 91.9% in the fourth quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company's stock valued at $27,419,000 after purchasing an additional 542,647 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in Tutor Perini by 438.4% during the second quarter. Prudential Financial Inc. now owns 610,720 shares of the construction company's stock worth $28,569,000 after buying an additional 497,296 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.