Zacks Investment Research Lowers Tutor Perini Corporation (NYSE:TPC) to Hold
Tutor Perini Corporation (NYSE:TPC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Tutor Perini Corporation provides diversified general contracting, construction management and design-build services to private clients and public agencies worldwide. The company operates in four segments: Civil, Building, Specialty Contractors, and Management Services. The Civil segment engages in public works construction activities and the repair, replacement, and reconstruction of infrastructure. The Building segment offers services in specialized building markets, including hospitality and gaming, transportation, healthcare, municipal offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial, and high technology. The Specialty Contractors segment provides plumbing, HVAC, electrical, mechanical, and concrete services for the industrial, commercial, hospitality and gaming, and transportation markets. The Management Services segment offers construction and design-build services to the U.S. military and government agencies, and multi-national corporations. “
Several other equities research analysts also recently commented on the stock. Canaccord Genuity restated a “buy” rating on shares of Tutor Perini Corporation in a research note on Friday, June 23rd. BidaskClub raised Tutor Perini Corporation from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Tutor Perini Corporation presently has a consensus rating of “Buy” and an average target price of $31.17.
Tutor Perini Corporation (NYSE:TPC) traded down 1.20% during mid-day trading on Thursday, hitting $28.80. 270,648 shares of the company were exchanged. The stock’s 50 day moving average is $26.72 and its 200-day moving average is $28.97. Tutor Perini Corporation has a 12-month low of $18.05 and a 12-month high of $33.00. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 15.37 and a beta of 2.44.
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Several institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. purchased a new position in Tutor Perini Corporation during the first quarter worth $101,000. Envestnet Asset Management Inc. increased its stake in Tutor Perini Corporation by 8.1% in the first quarter. Envestnet Asset Management Inc. now owns 4,516 shares of the construction company’s stock valued at $144,000 after buying an additional 340 shares during the last quarter. Pinnacle Associates Ltd. bought a new stake in Tutor Perini Corporation during the first quarter valued at approximately $205,000. Raymond James Financial Services Advisors Inc. bought a new stake in Tutor Perini Corporation during the first quarter valued at approximately $218,000. Finally, A.R.T. Advisors LLC bought a new stake in Tutor Perini Corporation during the fourth quarter valued at approximately $242,000. Institutional investors and hedge funds own 80.72% of the company’s stock.
Tutor Perini Corporation Company Profile
Tutor Perini Corporation is a construction company offering general contracting, construction management and design-build services to private customers and public agencies across the world. The Company operates through three segments: Civil, Building and Specialty Contractors. Its Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure across various geographic regions of the United States.
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