Tutor Perini (TPC) Cut to “Hold” at Zacks Investment Research
Tutor Perini (NYSE:TPC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 brokerages also recently commented on TPC. B. Riley reiterated a “buy” rating on shares of Tutor Perini in a research report on Wednesday, November 1st. ValuEngine upgraded Tutor Perini from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. reduced their price objective on Tutor Perini from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, November 15th. Finally, Canaccord Genuity reduced their price objective on Tutor Perini from $35.00 to $32.00 and set a “buy” rating for the company in a research report on Friday, November 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $31.40.
In related news, major shareholder N. Tutor Separate Prope Ronald sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $25.60, for a total transaction of $640,000.00. Following the completion of the transaction, the insider now owns 5,798,120 shares in the company, valued at approximately $148,431,872. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dale Ann Reiss sold 4,829 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $27.28, for a total value of $131,735.12. Following the transaction, the director now owns 20,625 shares of the company’s stock, valued at approximately $562,650. The disclosure for this sale can be found here. Insiders sold a total of 54,829 shares of company stock valued at $1,400,985 in the last quarter. Corporate insiders own 24.50% of the company’s stock.
Several institutional investors have recently bought and sold shares of TPC. Boston Partners lifted its position in shares of Tutor Perini by 33.2% during the 3rd quarter. Boston Partners now owns 2,288,432 shares of the construction company’s stock worth $64,992,000 after buying an additional 570,799 shares during the period. Frontier Capital Management Co. LLC lifted its position in shares of Tutor Perini by 27.3% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,405,525 shares of the construction company’s stock worth $60,980,000 after buying an additional 516,367 shares during the period. Northern Trust Corp lifted its position in shares of Tutor Perini by 59.9% during the 2nd quarter. Northern Trust Corp now owns 764,431 shares of the construction company’s stock worth $21,978,000 after buying an additional 286,310 shares during the period. Alliancebernstein L.P. lifted its position in shares of Tutor Perini by 10.8% during the 4th quarter. Alliancebernstein L.P. now owns 2,723,211 shares of the construction company’s stock worth $69,033,000 after buying an additional 266,359 shares during the period. Finally, Formula Growth Ltd. bought a new position in shares of Tutor Perini during the 3rd quarter worth approximately $7,526,000. Institutional investors and hedge funds own 84.85% of the company’s stock.
Tutor Perini Company Profile
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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