Tutor Perini (TPC) Raised to Hold at Zacks Investment Research
Tutor Perini (NYSE:TPC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
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. “
Other analysts have also recently issued research reports about the stock. ValuEngine cut shares of Tutor Perini from a “sell” rating to a “strong sell” rating in a research note on Monday, July 2nd. B. Riley reduced their target price on shares of Tutor Perini from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, DA Davidson set a $38.00 target price on shares of Tutor Perini and gave the stock a “buy” rating in a research note on Monday, April 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $29.63.
Tutor Perini (NYSE:TPC) last released its earnings results on Tuesday, August 7th. The construction company reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.18. Tutor Perini had a net margin of 2.58% and a return on equity of 4.55%. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.17 billion. sell-side analysts expect that Tutor Perini will post 2.17 EPS for the current fiscal year.
In other news, CEO Ronald N. Tutor sold 50,000 shares of the firm’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $19.83, for a total value of $991,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.50% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. MetLife Investment Advisors LLC purchased a new position in shares of Tutor Perini in the 4th quarter valued at about $487,000. Dimensional Fund Advisors LP increased its holdings in shares of Tutor Perini by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,197,711 shares of the construction company’s stock valued at $92,560,000 after purchasing an additional 11,080 shares in the last quarter. Ironwood Investment Management LLC increased its holdings in shares of Tutor Perini by 14.8% in the 1st quarter. Ironwood Investment Management LLC now owns 32,279 shares of the construction company’s stock valued at $712,000 after purchasing an additional 4,170 shares in the last quarter. Bayesian Capital Management LP purchased a new position in shares of Tutor Perini in the 1st quarter valued at about $377,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Tutor Perini by 8.8% in the 4th quarter. Renaissance Technologies LLC now owns 108,800 shares of the construction company’s stock valued at $2,758,000 after purchasing an additional 8,800 shares in the last quarter. Institutional investors and hedge funds own 89.49% of the company’s stock.
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 worldwide. The company operates through three segments: Civil, Building, and Specialty Contractors. The Civil segment engages in the public works construction, replacement, and reconstruction of infrastructure, including highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities.
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