Tutor Perini (NYSE:TPC) Trading Down 65.9% - Time to Sell?

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.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on TPC. Wall Street Zen upgraded shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research report on Monday, August 11th. Zacks Research raised shares of Tutor Perini to a "strong-buy" rating in a research report on Friday, August 8th. B. Riley raised their price target on shares of Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, UBS Group boosted their price target 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. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $60.00.

Tutor Perini Price Performance

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.95 billion, a PE ratio of -22.21 and a beta of 1.83. The business has a 50-day moving average price of $47.28 and a 200 day moving average price of $33.58.

Tutor Perini (NYSE:TPC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $1.12. Tutor Perini had a negative return on equity of 6.41% and a negative net margin of 2.77%.The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter last year, the business posted $0.02 EPS. The firm's revenue for the quarter was up 21.8% compared to the same quarter last year.

Insiders Place Their Bets

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the company'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 transaction, the chairman owned 4,570,985 shares of the company's stock, valued at approximately $187,090,416.05. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 310,000 shares of company stock worth $12,270,901 in the last quarter. Corporate insiders own 17.30% of the company's stock.

Hedge Funds Weigh In On Tutor Perini

Several large investors have recently bought and sold shares of the stock. KLP Kapitalforvaltning AS boosted its stake in Tutor Perini by 3.1% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 9,900 shares of the construction company's stock worth $463,000 after acquiring an additional 300 shares during the last quarter. GAMMA Investing LLC boosted 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 during the last quarter. Aristeia Capital L.L.C. increased its position in shares of Tutor Perini by 4.6% during the first quarter. Aristeia Capital L.L.C. now owns 11,957 shares of the construction company's stock valued at $277,000 after buying an additional 530 shares during the period. Comerica Bank boosted its stake in Tutor Perini by 30.7% in the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after buying an additional 569 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Tutor Perini by 6.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,176 shares of the construction company's stock valued at $476,000 after acquiring an additional 639 shares in the last quarter. 65.01% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.