Tutor Perini (NYSE:TPC) Sets New 52-Week High – Here’s Why

Tutor Perini Corporation (NYSE:TPC)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $44.28 and last traded at $44.04, with a volume of 119875 shares changing hands. The stock had previously closed at $43.30.

Analyst Ratings Changes

A number of brokerages have recently commented on TPC. UBS Group boosted their price objective on shares of Tutor Perini from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. B. Riley restated a “buy” rating and issued a $50.00 price objective (up previously from $40.00) on shares of Tutor Perini in a report on Friday, June 6th. Finally, Wall Street Zen upgraded Tutor Perini from a “hold” rating to a “buy” rating in a report on Thursday, May 8th.

Tutor Perini Trading Up 3.0%

The firm has a market capitalization of $2.35 billion, a P/E ratio of -15.48 and a beta of 1.74. 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 50 day moving average of $32.52 and a 200-day moving average of $27.06.

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

Insider Activity

In other news, Chairman Ronald N. Tutor sold 50,000 shares of Tutor Perini stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $37.45, for a total transaction of $1,872,500.00. Following the sale, the chairman now directly owns 1,011,477 shares of the company’s stock, valued at approximately $37,879,813.65. This trade represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Raymond R. Oneglia sold 75,000 shares of Tutor Perini stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $36.23, for a total transaction of $2,717,250.00. Following the sale, the director now owns 115,470 shares in the company, valued at approximately $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. In the last three months, insiders have sold 410,000 shares of company stock worth $15,891,651. Corporate insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Tutor Perini

Several large investors have recently added to or reduced their stakes in TPC. GAMMA Investing LLC raised its holdings 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 purchasing an additional 510 shares during the period. New Age Alpha Advisors LLC bought a new stake in Tutor Perini in the 1st quarter valued at about $54,000. Comerica Bank raised its stake in Tutor Perini by 30.7% during the 1st quarter. Comerica Bank now owns 2,423 shares of the construction company’s stock worth $56,000 after buying an additional 569 shares during the period. CWM LLC boosted its holdings in Tutor Perini by 32.8% in 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 in the last quarter. Finally, AlphaQuest LLC grew its stake in Tutor Perini by 849.2% in the first quarter. AlphaQuest LLC now owns 3,436 shares of the construction company’s stock valued at $80,000 after acquiring an additional 3,074 shares during the period. Institutional investors and hedge funds own 65.01% of the company’s stock.

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.