Tutor Perini (NYSE:TPC) Shares Gap Down – Here’s What Happened

Tutor Perini Co. (NYSE:TPC) gapped down prior to trading on Tuesday . The stock had previously closed at $29.72, but opened at $28.32. Tutor Perini shares last traded at $28.86, with a volume of 43,600 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on TPC shares. B. Riley lifted their price target on shares of Tutor Perini from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. StockNews.com lowered shares of Tutor Perini from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, UBS Group increased their price target on Tutor Perini from $27.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd.

Tutor Perini Price Performance

The company has a 50-day moving average price of $27.12 and a 200-day moving average price of $23.51. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.53.

Tutor Perini (NYSE:TPC) last issued its earnings results on Wednesday, November 6th. The construction company reported ($1.92) EPS for the quarter, missing the consensus estimate of ($1.89) by ($0.03). The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.17 billion. Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.71) EPS. Equities analysts forecast that Tutor Perini Co. will post -1.47 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ronald N. Tutor sold 50,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $30.78, for a total transaction of $1,539,000.00. Following the sale, the chief executive officer now owns 2,362,267 shares of the company’s stock, valued at $72,710,578.26. This trade represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 19.50% of the company’s stock.

Hedge Funds Weigh In On Tutor Perini

Institutional investors and hedge funds have recently modified their holdings of the business. USA Financial Formulas raised its stake in shares of Tutor Perini by 19.6% in the 3rd quarter. USA Financial Formulas now owns 3,451 shares of the construction company’s stock valued at $94,000 after purchasing an additional 566 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Tutor Perini by 3.5% in the second quarter. The Manufacturers Life Insurance Company now owns 16,874 shares of the construction company’s stock valued at $368,000 after purchasing an additional 571 shares during the last quarter. CWM LLC lifted its position in shares of Tutor Perini by 53.0% in the third quarter. CWM LLC now owns 2,622 shares of the construction company’s stock worth $71,000 after purchasing an additional 908 shares in the last quarter. Plato Investment Management Ltd acquired a new position in Tutor Perini during the third quarter worth $52,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Tutor Perini in the second quarter valued at $51,000. 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.