UBS Group Forecasts Strong Price Appreciation for Tutor Perini (NYSE:TPC) Stock

Key Points

• UBS Group has raised its target price for Tutor Perini (NYSE:TPC) from $59.00 to $67.00, indicating a potential upside of 19.95% based on the stock's current price. The firm maintains a "buy" rating for the stock.
• Other analysts, including B. Riley, have also increased their price targets, with B. Riley setting a target of $75.00 while Wall Street Zen downgraded Tutor Perini from "strong-buy" to "buy."
• Despite a strong quarter with a reported EPS of $0.38 and revenue of $1.37 billion, Tutor Perini's stock has seen insider selling, with directors offloading substantial shares over recent months.

Tutor Perini (NYSE:TPC - Get Free Report) had its target price boosted by investment analysts at UBS Group from $59.00 to $67.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the construction company's stock. UBS Group's target price suggests a potential upside of 19.95% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. 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. Wall Street Zen lowered Tutor Perini from a "strong-buy" rating to a "buy" rating in a research report on Sunday.

Tutor Perini Price Performance

Tutor Perini stock traded up $8.58 during mid-day trading on Thursday, reaching $55.86. 1,657,477 shares of the company were exchanged, compared to its average volume of 672,310. The company has a fifty day simple moving average of $44.27 and a 200-day simple moving average of $31.75. Tutor Perini has a 12 month low of $18.29 and a 12 month high of $63.96. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market cap of $2.94 billion, a PE ratio of -19.39 and a beta of 1.83.

Tutor Perini (NYSE:TPC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The construction company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.29 by $0.09. Tutor Perini had a negative return on equity of 11.64% and a negative net margin of 3.35%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the business earned $0.02 EPS. The business's quarterly revenue was up 21.8% compared to the same quarter last year.

Insider Buying and Selling

In other Tutor Perini news, Director Raymond R. Oneglia sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $36.23, for a total transaction of $2,717,250.00. Following the sale, the director owned 115,470 shares of the company's stock, valued at approximately $4,183,478.10. The trade was a 39.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Ronald N. Tutor sold 130,478 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $40.93, for a total value of $5,340,464.54. Following the sale, the chairman directly owned 4,570,985 shares in the company, valued at $187,090,416.05. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 410,000 shares of company stock worth $15,891,651. Insiders own 17.30% of the company's stock.

Institutional Investors Weigh In On Tutor Perini

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in Tutor Perini by 32.5% in the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after purchasing an additional 510 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in Tutor Perini in the first quarter worth $54,000. Comerica Bank boosted its position in Tutor Perini by 30.7% during the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after purchasing an additional 569 shares in the last quarter. CWM LLC lifted its position in Tutor Perini by 32.8% during the first quarter. CWM LLC now owns 3,442 shares of the construction company's stock valued at $80,000 after buying an additional 850 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in Tutor Perini by 849.2% during the 1st quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock worth $80,000 after buying an additional 3,074 shares during the period. 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.

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