Tutor Perini (NYSE:TPC) Shares Up 13.7% Following Analyst Upgrade

Shares of Tutor Perini Co. (NYSE:TPC) rose 13.7% during mid-day trading on Thursday after B. Riley raised their price target on the stock from $38.00 to $40.00. B. Riley currently has a buy rating on the stock. Tutor Perini traded as high as $34.44 and last traded at $34.44. 455,272 shares were traded during mid-day trading, an increase of 2% from the average session volume of 446,501 shares. The stock had previously closed at $30.28.

Several other research firms have also issued reports on TPC. UBS Group increased their target price on Tutor Perini from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. StockNews.com cut shares of Tutor Perini from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th.

Institutional Investors Weigh In On Tutor Perini

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its stake in shares of Tutor Perini by 142.8% in the 2nd quarter. CWM LLC now owns 1,714 shares of the construction company’s stock valued at $37,000 after purchasing an additional 1,008 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Tutor Perini during the second quarter worth $51,000. Plato Investment Management Ltd acquired a new position in shares of Tutor Perini during the third quarter worth $52,000. nVerses Capital LLC bought a new position in shares of Tutor Perini in the 2nd quarter valued at $63,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of Tutor Perini during the 1st quarter valued at $77,000. 65.01% of the stock is currently owned by institutional investors.

Tutor Perini Price Performance

The business has a 50-day moving average of $25.75 and a two-hundred day moving average of $22.57. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.50. The firm has a market cap of $1.74 billion, a P/E ratio of -25.84 and a beta of 1.50.

Tutor Perini (NYSE:TPC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported ($1.92) earnings per share for the quarter, missing the consensus estimate of ($1.78) by ($0.14). The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.17 billion. Tutor Perini had a negative return on equity of 4.49% and a negative net margin of 1.59%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.71) earnings per share. On average, sell-side analysts anticipate that Tutor Perini Co. will post -1 earnings per share for the current fiscal year.

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.