B. Riley Cuts Tutor Perini Corporation (TPC) Price Target to $35.00

Tutor Perini Corporation (NYSE:TPC) had its price target cut by equities research analysts at B. Riley from $37.00 to $35.00 in a research note issued to investors on Tuesday. The brokerage presently has a “buy” rating on the construction company’s stock. B. Riley’s target price would indicate a potential upside of 42.86% from the company’s current price.

Several other brokerages have also weighed in on TPC. Seaport Global Securities lowered shares of Tutor Perini Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the company from $40.00 to $31.00 in a report on Wednesday, October 11th. Zacks Investment Research raised shares of Tutor Perini Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, October 11th. BidaskClub downgraded shares of Tutor Perini Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Canaccord Genuity reaffirmed a “buy” rating and issued a $35.00 target price on shares of Tutor Perini Corporation in a research note on Saturday, August 26th. Finally, ValuEngine downgraded shares of Tutor Perini Corporation from a “buy” rating to a “hold” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $33.43.

Shares of Tutor Perini Corporation (NYSE:TPC) traded up $0.30 during midday trading on Tuesday, reaching $24.50. 571,800 shares of the company traded hands, compared to its average volume of 349,011. Tutor Perini Corporation has a fifty-two week low of $22.60 and a fifty-two week high of $33.00. The firm has a market capitalization of $1,204.70, a price-to-earnings ratio of 12.54, a P/E/G ratio of 1.33 and a beta of 2.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.07 and a quick ratio of 2.07.

Tutor Perini Corporation (NYSE:TPC) last announced its quarterly earnings data on Thursday, November 9th. The construction company reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.22). Tutor Perini Corporation had a net margin of 2.03% and a return on equity of 6.22%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company earned $0.57 earnings per share. The company’s quarterly revenue was down 10.0% on a year-over-year basis. equities research analysts anticipate that Tutor Perini Corporation will post 1.83 earnings per share for the current fiscal year.

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In other news, CEO Ronald N. Tutor sold 3,617 shares of the 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 filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder N. Tutor Separate Prope Ronald sold 25,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $26.11, for a total transaction of $652,750.00. Following the sale, the insider now directly owns 5,923,120 shares of the company’s stock, valued at approximately $154,652,663.20. The disclosure for this sale can be found here. Insiders have sold 175,000 shares of company stock valued at $4,566,711 in the last three months. 24.50% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Asset Management One Co. Ltd. grew its position in Tutor Perini Corporation by 204.9% in the third quarter. Asset Management One Co. Ltd. now owns 343,589 shares of the construction company’s stock valued at $9,827,000 after purchasing an additional 230,916 shares in the last quarter. Westside Investment Management Inc. grew its position in Tutor Perini Corporation by 22.7% in the third quarter. Westside Investment Management Inc. now owns 56,280 shares of the construction company’s stock valued at $1,618,000 after purchasing an additional 10,425 shares in the last quarter. Formula Growth Ltd. bought a new position in Tutor Perini Corporation in the third quarter valued at $7,526,000. Pinnacle Associates Ltd. grew its position in Tutor Perini Corporation by 183.9% in the third quarter. Pinnacle Associates Ltd. now owns 93,320 shares of the construction company’s stock valued at $2,650,000 after purchasing an additional 60,445 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Tutor Perini Corporation by 3.5% in the third quarter. Schwab Charles Investment Management Inc. now owns 370,542 shares of the construction company’s stock valued at $10,524,000 after purchasing an additional 12,604 shares in the last quarter. 81.53% of the stock is 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.

Analyst Recommendations for Tutor Perini Corporation (NYSE:TPC)

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