Shares of Tutor Perini Corp (NYSE:TPC) saw unusually-strong trading volume on Wednesday following a stronger than expected earnings report. Approximately 2,295,653 shares were traded during mid-day trading, an increase of 321% from the previous session’s volume of 545,064 shares.The stock last traded at $24.15 and had previously closed at $21.85.
The construction company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.06. Tutor Perini had a net margin of 2.03% and a return on equity of 6.16%.
Several analysts recently commented on the stock. Zacks Investment Research upgraded shares of Tutor Perini from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Saturday, January 20th. B. Riley reiterated a “buy” rating on shares of Tutor Perini in a research report on Wednesday, November 1st. ValuEngine upgraded shares of Tutor Perini from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. reduced their price target on shares of 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, MKM Partners set a $27.00 price target on shares of Tutor Perini and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $30.83.
Institutional investors have recently made changes to their positions in the business. Parametrica Management Ltd purchased a new position in Tutor Perini during the 3rd quarter worth $688,000. James Investment Research Inc. purchased a new position in Tutor Perini during the 4th quarter worth $1,600,000. State Street Corp raised its position in Tutor Perini by 4.7% during the 2nd quarter. State Street Corp now owns 750,365 shares of the construction company’s stock worth $21,576,000 after buying an additional 33,774 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in shares of Tutor Perini during the 4th quarter worth $101,000. Finally, Principal Financial Group Inc. grew its stake in shares of Tutor Perini by 1.5% during the 3rd quarter. Principal Financial Group Inc. now owns 390,557 shares of the construction company’s stock worth $11,091,000 after purchasing an additional 5,918 shares during the period. Institutional investors own 83.74% of the company’s stock.
The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $1,120.07, a P/E ratio of 12.91, a price-to-earnings-growth ratio of 0.84 and a beta of 2.13.
WARNING: This piece was originally published by Ticker Report and is owned by of Ticker Report. If you are accessing this piece on another site, it was illegally stolen and republished in violation of U.S. and international trademark and copyright legislation. The correct version of this piece can be read at https://www.tickerreport.com/banking-finance/3228924/tutor-perini-tpc-sees-strong-trading-volume-on-earnings-beat.html.
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.
Receive News & Ratings for Tutor Perini Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tutor Perini and related companies with MarketBeat.com's FREE daily email newsletter.