Tutor Perini (TPC) Rating Increased to Buy at Zacks Investment Research
Tutor Perini (NYSE:TPC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The brokerage currently has a $30.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.91% from the stock’s current price.
According to Zacks, “Tutor Perini Corporation provides diversified general contracting, construction management and design-build services to private clients and public agencies worldwide. The company operates in four segments: Civil, Building, Specialty Contractors, and Management Services. The Civil segment engages in public works construction activities and the repair, replacement, and reconstruction of infrastructure. The Building segment offers services in specialized building markets, including hospitality and gaming, transportation, healthcare, municipal offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial, and high technology. The Specialty Contractors segment provides plumbing, HVAC, electrical, mechanical, and concrete services for the industrial, commercial, hospitality and gaming, and transportation markets. The Management Services segment offers construction and design-build services to the U.S. military and government agencies, and multi-national corporations. “
A number of other research firms also recently weighed in on TPC. Seaport Global Securities downgraded Tutor Perini from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $40.00 to $31.00 in a report on Wednesday, October 11th. B. Riley reissued a “buy” rating on shares of Tutor Perini in a report on Wednesday, November 1st. ValuEngine raised Tutor Perini from a “hold” rating to a “buy” rating in a report on Friday, December 1st. dropped their target price on Tutor Perini from $37.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, November 15th. Finally, Canaccord Genuity dropped their target price on Tutor Perini from $35.00 to $32.00 and set a “buy” rating for the company in a report on Friday, November 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $33.50.
Tutor Perini (NYSE:TPC) last posted its earnings results on Thursday, November 9th. The construction company reported $0.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.22). Tutor Perini had a return on equity of 6.16% and a net margin of 2.03%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the business posted $0.57 EPS. The firm’s quarterly revenue was down 10.0% compared to the same quarter last year. sell-side analysts expect that Tutor Perini will post 1.83 EPS for the current year.
In related news, Director Dale Ann Reiss sold 4,829 shares of the business’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $27.28, for a total value of $131,735.12. Following the completion of the transaction, the director now owns 20,625 shares of the company’s stock, valued at $562,650. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder N. Tutor Separate Prope Ronald sold 25,000 shares of the business’s stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $25.60, for a total value of $640,000.00. Following the completion of the transaction, the insider now directly owns 5,798,120 shares of the company’s stock, valued at approximately $148,431,872. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,829 shares of company stock valued at $1,400,985. 24.50% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its position in Tutor Perini by 86.1% in the second quarter. Ameriprise Financial Inc. now owns 162,956 shares of the construction company’s stock valued at $4,682,000 after acquiring an additional 75,407 shares during the last quarter. Parametrica Management Ltd bought a new position in Tutor Perini in the third quarter valued at about $688,000. TIAA CREF Investment Management LLC grew its position in Tutor Perini by 8.7% in the second quarter. TIAA CREF Investment Management LLC now owns 146,439 shares of the construction company’s stock valued at $4,210,000 after acquiring an additional 11,708 shares during the last quarter. State Street Corp grew its position in Tutor Perini by 4.7% in the second quarter. State Street Corp now owns 750,365 shares of the construction company’s stock valued at $21,576,000 after acquiring an additional 33,774 shares during the last quarter. Finally, D.A. Davidson & CO. grew its position in Tutor Perini by 47.6% in the third quarter. D.A. Davidson & CO. now owns 52,083 shares of the construction company’s stock valued at $1,479,000 after acquiring an additional 16,800 shares during the last quarter. Hedge funds and other institutional investors own 81.78% of the company’s stock.
About Tutor Perini
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.
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