Tutor Perini (NYSE:TPC) Trading Down 66.6% After Insider Selling

Tutor Perini Corporation (NYSE:TPC - Get Free Report)'s share price was down 66.6% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $58.88 and last traded at $19.74. Approximately 193,085 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 674,636 shares. The stock had previously closed at $59.13.

• 4 Recent Earnings Winners Riding Fresh Momentum in May

Specifically, Chairman Ronald N. Tutor sold 80,660 shares of Tutor Perini stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $59.95, for a total transaction of $4,835,567.00. Following the completion of the sale, the chairman owned 4,315,297 shares of the company's stock, valued at approximately $258,702,055.15. The trade was a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

TPC has been the subject of several research analyst reports. UBS Group lifted their price target on shares of Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. B. Riley lifted their price target on shares of Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research note on Monday, August 11th. Finally, Zacks Research raised shares of Tutor Perini to a "strong-buy" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, Tutor Perini currently has an average rating of "Buy" and an average price target of $60.00.

Check Out Our Latest Report on Tutor Perini

Tutor Perini Stock Down 0.5%

The company's fifty day simple moving average is $50.87 and its 200-day simple moving average is $36.27. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $3.10 billion, a PE ratio of -7.82 and a beta of 1.88.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $1.12. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company earned $0.02 earnings per share. The business's revenue for the quarter was up 21.8% on a year-over-year basis.

Hedge Funds Weigh In On Tutor Perini

Institutional investors and hedge funds have recently bought and sold shares of the company. Donald Smith & CO. Inc. grew its holdings in shares of Tutor Perini by 16.8% during the first quarter. Donald Smith & CO. Inc. now owns 4,031,220 shares of the construction company's stock valued at $93,444,000 after buying an additional 580,963 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Tutor Perini by 4.8% in the first quarter. Vanguard Group Inc. now owns 2,829,370 shares of the construction company's stock worth $65,585,000 after acquiring an additional 130,747 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Tutor Perini by 5.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,726,545 shares of the construction company's stock worth $65,982,000 after acquiring an additional 148,425 shares during the period. First Trust Advisors LP raised its position in shares of Tutor Perini by 4,166.1% in the second quarter. First Trust Advisors LP now owns 1,153,214 shares of the construction company's stock worth $53,947,000 after acquiring an additional 1,126,182 shares during the period. Finally, Fred Alger Management LLC raised its position in shares of Tutor Perini by 91.9% during the 4th quarter. Fred Alger Management LLC now owns 1,133,014 shares of the construction company's stock worth $27,419,000 after purchasing an additional 542,647 shares during the last quarter. 65.01% of the stock is 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.

Read More

• Five stocks we like better than Tutor Perini
• What is the Dow Jones Industrial Average (DJIA)?
• Autodesk Stock Rally: Why Momentum May Not Be Done Yet
• Insider Buying Explained: What Investors Need to Know
• IREN Is Up 186% YTD on AI Pivot—And It’s Just Getting Started
• Best Energy Stocks - Energy Stocks to Buy Now
• Rocket Lab Strengthens Case for Breakout With New Launch Pad

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Tutor Perini Right Now?

Before you consider Tutor Perini, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tutor Perini wasn't on the list.

While Tutor Perini currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here