Tutor Perini Corporation (TPC) Raised to “Hold” at Zacks Investment Research
Tutor Perini Corporation (NYSE:TPC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
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. “
TPC has been the topic of several other research reports. BidaskClub raised shares of Tutor Perini Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. KeyCorp reissued a “hold” rating on shares of Tutor Perini Corporation in a research note on Friday, August 25th. Canaccord Genuity reaffirmed a “buy” rating on shares of Tutor Perini Corporation in a research note on Friday, June 23rd. Finally, Seaport Global Securities cut shares of Tutor Perini Corporation from a “buy” rating to a “neutral” rating and set a $31.00 price objective on the stock. in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $32.00.
Shares of Tutor Perini Corporation (NYSE TPC) traded down 3.61% on Wednesday, hitting $28.05. 292,046 shares of the stock were exchanged. Tutor Perini Corporation has a one year low of $18.05 and a one year high of $33.00. The firm’s 50 day moving average price is $26.89 and its 200 day moving average price is $27.83. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 13.75 and a beta of 2.45.
Tutor Perini Corporation (NYSE:TPC) last issued its quarterly earnings data on Monday, August 7th. The construction company reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.42 billion. Tutor Perini Corporation had a net margin of 2.08% and a return on equity of 6.60%. Tutor Perini Corporation’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. Equities analysts anticipate that Tutor Perini Corporation will post $2.26 earnings per share for the current year.
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In related news, CEO Ronald N. Tutor sold 3,617 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $26.02, for a total transaction of $94,114.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ronald N. Tutor sold 75,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $26.09, for a total transaction of $1,956,750.00. The disclosure for this sale can be found here. Insiders sold 175,000 shares of company stock valued at $4,566,711 over the last 90 days. 24.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in Tutor Perini Corporation by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,173,742 shares of the construction company’s stock worth $119,994,000 after acquiring an additional 16,874 shares during the period. Vanguard Group Inc. increased its holdings in Tutor Perini Corporation by 7.6% in the 1st quarter. Vanguard Group Inc. now owns 3,236,399 shares of the construction company’s stock valued at $102,918,000 after buying an additional 229,127 shares during the period. LSV Asset Management increased its holdings in Tutor Perini Corporation by 14.4% in the 2nd quarter. LSV Asset Management now owns 1,964,456 shares of the construction company’s stock valued at $56,478,000 after buying an additional 247,500 shares during the period. Frontier Capital Management Co. LLC increased its holdings in Tutor Perini Corporation by 7.6% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,952,211 shares of the construction company’s stock valued at $56,126,000 after buying an additional 138,699 shares during the period. Finally, Boston Partners increased its holdings in Tutor Perini Corporation by 13.4% in the 2nd quarter. Boston Partners now owns 1,717,633 shares of the construction company’s stock valued at $49,382,000 after buying an additional 203,488 shares during the period. 81.11% of the stock is currently owned by institutional investors and hedge funds.
About Tutor Perini Corporation
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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