Tutor Perini (NYSE:TPC) Shares Down 66.6% on Insider Selling

Key Points

• Tutor Perini's stock price plummeted by 66.6% following insider selling by Chairman Ronald N. Tutor, who sold 80,660 shares at an average price of $59.95.
• Despite the recent drop, several analysts have set price targets for Tutor Perini, with UBS Group raising their target to $67 and B. Riley to $75, maintaining a "buy" rating for the stock.
• The company reported a significant earnings beat with an EPS of $1.41, which surpassed analyst estimates and reflected a year-over-year revenue growth of 21.8%.

Tutor Perini Corporation (NYSE:TPC - Get Free Report)'s share price was down 66.6% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $58.88 and last traded at $19.74. Approximately 193,085 shares were traded during trading, a decline of 71% from the average daily volume of 674,636 shares. The stock had previously closed at $59.13.

Specifically, Chairman Ronald N. Tutor sold 80,660 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $59.95, for a total transaction of $4,835,567.00. Following the transaction, the chairman directly owned 4,315,297 shares in the company, valued at $258,702,055.15. The trade was a 1.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

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

Tutor Perini Stock Down 1.2%

The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -24.55 and a beta of 1.88. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. The business has a fifty day moving average of $51.83 and a 200 day moving average of $37.05.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $1.12. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.27 billion. Tutor Perini had a negative return on equity of 6.41% and a negative net margin of 2.77%.The firm's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.02 earnings per share.

Institutional Trading of Tutor Perini

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its position in Tutor Perini by 328,325.0% in the second quarter. Osaic Holdings Inc. now owns 13,137 shares of the construction company's stock valued at $614,000 after purchasing an additional 13,133 shares during the period. Squarepoint Ops LLC increased its position in shares of Tutor Perini by 427.1% during the second quarter. Squarepoint Ops LLC now owns 127,693 shares of the construction company's stock worth $5,973,000 after acquiring an additional 103,467 shares during the period. State of Wyoming increased its position in shares of Tutor Perini by 317.1% during the second quarter. State of Wyoming now owns 10,031 shares of the construction company's stock worth $469,000 after acquiring an additional 7,626 shares during the period. Caxton Associates LLP purchased a new stake in shares of Tutor Perini during the second quarter worth $3,228,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Tutor Perini by 54.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,773 shares of the construction company's stock worth $364,000 after acquiring an additional 2,729 shares during the period. Hedge funds and other institutional investors 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.