Wall Street Zen Upgrades Tutor Perini (NYSE:TPC) to "Strong-Buy"

Key Points

• Wall Street Zen has upgraded Tutor Perini (NYSE:TPC) from a "buy" to a "strong-buy" rating, indicating increased confidence among market analysts.
• UBS Group raised its price target for Tutor Perini from $41.00 to $59.00, reflecting strong optimism about the company's financial performance.
• Tutor Perini reported a quarterly revenue increase of 18.8% year-over-year, achieving $1.25 billion, significantly above the consensus estimate of $1.08 billion.

Tutor Perini (NYSE:TPC - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday.

A number of other research analysts also recently commented on TPC. B. Riley reiterated a "buy" rating and set a $50.00 target price (up from $40.00) on shares of Tutor Perini in a research report on Friday, June 6th. UBS Group increased their target price on Tutor Perini from $41.00 to $59.00 and gave the company a "buy" rating in a research report on Thursday, July 10th.

Tutor Perini Price Performance

TPC stock traded down $0.33 during midday trading on Friday, hitting $47.96. The company's stock had a trading volume of 520,963 shares, compared to its average volume of 674,320. Tutor Perini has a 12 month low of $14.50 and a 12 month high of $51.98. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of -16.65 and a beta of 1.79. The company has a 50 day moving average of $42.50 and a two-hundred day moving average of $30.45.

Tutor Perini (NYSE:TPC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.47. Tutor Perini had a negative return on equity of 11.64% and a negative net margin of 3.35%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the company posted $0.30 EPS. The firm's revenue for the quarter was up 18.8% compared to the same quarter last year.

Insiders Place Their Bets

In related news, Chairman Ronald N. Tutor sold 130,478 shares of the firm's stock in a transaction on 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 completion of the sale, the chairman directly owned 4,570,985 shares in the company, valued at $187,090,416.05. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Raymond R. Oneglia sold 25,000 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $36.14, for a total value of $903,500.00. Following the completion of the sale, the director owned 90,470 shares of the company's stock, valued at approximately $3,269,585.80. This represents a 21.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 410,000 shares of company stock valued at $15,891,651. 17.30% of the stock is owned by corporate insiders.

Institutional Trading of Tutor Perini

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its stake in shares of Tutor Perini by 32.5% during the first quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after buying an additional 510 shares during the period. New Age Alpha Advisors LLC purchased a new position in shares of Tutor Perini during the first quarter valued at $54,000. Comerica Bank increased its stake in shares of Tutor Perini by 30.7% during the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock valued at $56,000 after buying an additional 569 shares during the period. CWM LLC increased its stake in shares of 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 during the period. Finally, AlphaQuest LLC increased its stake in shares of Tutor Perini by 849.2% during the first quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock valued at $80,000 after buying an additional 3,074 shares during the period. 65.01% of the stock is currently owned by 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.