Tutor Perini (NYSE:TPC) Price Target Raised to $67.00

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 hoisted by equities researchers at UBS Group from $59.00 to $67.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. UBS Group's price objective would indicate a potential upside of 18.32% from the stock's previous close.

TPC has been the subject of several other research reports. B. Riley increased their price objective on Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday. Wall Street Zen lowered Tutor Perini from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 3rd.

Tutor Perini Stock Performance

NYSE:TPC traded up $0.21 during trading on Thursday, reaching $56.62. The company's stock had a trading volume of 1,162,367 shares, compared to its average volume of 764,302. Tutor Perini has a 12 month low of $18.33 and a 12 month high of $63.96. 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 firm has a 50 day moving average of $45.40 and a 200-day moving average of $32.40. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of -22.47 and a beta of 1.83.

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

Insider Activity

In other news, Chairman Ronald N. Tutor sold 130,478 shares of the business's 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 transaction, the chairman directly owned 4,570,985 shares in the company, valued at $187,090,416.05. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Raymond R. Oneglia sold 75,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $36.23, for a total value of $2,717,250.00. Following the completion of the sale, the director owned 115,470 shares in the company, valued at $4,183,478.10. This represents a 39.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 410,000 shares of company stock worth $15,891,651 over the last 90 days. Company insiders own 17.30% of the company's stock.

Institutional Investors Weigh In On Tutor Perini

A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Tutor Perini by 32.5% during the first 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. New Age Alpha Advisors LLC bought a new stake in Tutor Perini during the first quarter worth approximately $54,000. Comerica Bank increased its stake 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 acquiring an additional 569 shares during the last quarter. CWM LLC increased its stake in Tutor Perini by 32.8% during the first quarter. CWM LLC now owns 3,442 shares of the construction company's stock worth $80,000 after acquiring an additional 850 shares during the last quarter. Finally, AlphaQuest LLC increased its stake in Tutor Perini by 849.2% during the first quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock worth $80,000 after acquiring an additional 3,074 shares during the last quarter. 65.01% of the stock is currently owned by hedge funds and other institutional investors.

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.