Tutor Perini (NYSE:TPC) Stock Price Down 9.1% – Here’s What Happened

Tutor Perini Co. (NYSE:TPC) was down 9.1% during mid-day trading on Friday . The company traded as low as $29.54 and last traded at $30.23. Approximately 158,415 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 446,335 shares. The stock had previously closed at $33.24.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. UBS Group lifted their target price on shares of Tutor Perini from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. B. Riley upped their target price on Tutor Perini from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, StockNews.com raised Tutor Perini from a “hold” rating to a “buy” rating in a research note on Thursday.

Tutor Perini Stock Down 6.0 %

The company has a market capitalization of $1.64 billion, a PE ratio of -12.03 and a beta of 1.50. The stock has a 50-day moving average of $25.95 and a 200 day moving average of $22.64. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.50.

Tutor Perini (NYSE:TPC) last posted its quarterly earnings data on Wednesday, November 6th. The construction company reported ($1.92) EPS for the quarter, missing the consensus estimate of ($1.78) by ($0.14). Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.43%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the company posted ($0.71) EPS. Tutor Perini’s revenue for the quarter was up 2.1% on a year-over-year basis. Sell-side analysts anticipate that Tutor Perini Co. will post -1 EPS for the current year.

Hedge Funds Weigh In On Tutor Perini

Several hedge funds have recently made changes to their positions in the stock. Segall Bryant & Hamill LLC bought a new position in shares of Tutor Perini in the third quarter worth $1,410,000. Empowered Funds LLC raised its holdings in shares of Tutor Perini by 13.9% in the 3rd quarter. Empowered Funds LLC now owns 268,521 shares of the construction company’s stock valued at $7,293,000 after acquiring an additional 32,676 shares in the last quarter. Plato Investment Management Ltd bought a new stake in shares of Tutor Perini during the 3rd quarter valued at about $52,000. US Bancorp DE grew its holdings in shares of Tutor Perini by 19,259.7% during the third quarter. US Bancorp DE now owns 14,907 shares of the construction company’s stock worth $405,000 after purchasing an additional 14,830 shares in the last quarter. Finally, Pinnacle Associates Ltd. increased its position in shares of Tutor Perini by 3.6% in the third quarter. Pinnacle Associates Ltd. now owns 296,235 shares of the construction company’s stock worth $8,046,000 after purchasing an additional 10,218 shares during the last quarter. 65.01% of the stock is currently owned by hedge funds and other institutional investors.

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.