Tutor Perini (NYSE:TPC) Stock Price Down 66.6% Following 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%.

Shares of Tutor Perini Corporation (NYSE:TPC - Get Free Report) were down 66.6% on Wednesday following insider selling activity. The stock traded as low as $58.88 and last traded at $19.74. Approximately 193,085 shares changed hands 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 company's stock in a transaction dated 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 completion of the sale, the chairman directly owned 4,315,297 shares in the company, valued at $258,702,055.15. This represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

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

Tutor Perini Stock Performance

The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of -24.82 and a beta of 1.88. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.32 and a current ratio of 1.32. The stock's fifty day moving average is $51.83 and its two-hundred day moving average is $36.96.

Tutor Perini (NYSE:TPC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The construction company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.27 billion. During the same period in the prior year, the company posted $0.02 EPS. The firm's revenue for the quarter was up 21.8% on a year-over-year basis.

Hedge Funds Weigh In On Tutor Perini

Institutional investors have recently made changes to their positions in the business. First Trust Advisors LP boosted its stake in shares of Tutor Perini by 4,166.1% during the 2nd quarter. First Trust Advisors LP now owns 1,153,214 shares of the construction company's stock valued at $53,947,000 after buying an additional 1,126,182 shares during the last quarter. Donald Smith & CO. Inc. raised its holdings in Tutor Perini by 16.8% in the first quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after acquiring an additional 580,963 shares in the last quarter. Pacer Advisors Inc. bought a new position in Tutor Perini during the 1st quarter valued at $13,122,000. Prudential Financial Inc. grew its holdings in Tutor Perini by 438.4% during the 2nd quarter. Prudential Financial Inc. now owns 610,720 shares of the construction company's stock worth $28,569,000 after acquiring an additional 497,296 shares in the last quarter. Finally, Amanah Holdings Trust bought a new stake in shares of Tutor Perini in the 2nd quarter worth about $19,163,000. 65.01% of the stock is 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.