Tutor Perini Co. (NYSE:TPC) Sees Large Decrease in Short Interest

Tutor Perini Co. (NYSE:TPC) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 1,480,000 shares, a decrease of 17.3% from the October 15th total of 1,790,000 shares. Based on an average trading volume of 406,800 shares, the short-interest ratio is currently 3.6 days. Approximately 3.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TPC. StockNews.com downgraded shares of Tutor Perini from a “buy” rating to a “hold” rating in a report on Friday. B. Riley boosted their price target on Tutor Perini from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, UBS Group upped their price target on Tutor Perini from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd.

Tutor Perini Stock Performance

NYSE:TPC traded up $0.17 during midday trading on Friday, reaching $27.73. The stock had a trading volume of 318,488 shares, compared to its average volume of 526,131. The stock has a market capitalization of $1.45 billion, a P/E ratio of -11.05 and a beta of 1.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.55 and a quick ratio of 1.55. Tutor Perini has a 1-year low of $7.74 and a 1-year high of $34.55. The firm’s fifty day simple moving average is $26.70 and its 200-day simple moving average is $23.22.

Tutor Perini (NYSE:TPC) last announced its earnings results on Wednesday, November 6th. The construction company reported ($1.92) earnings per share for the quarter, missing the consensus estimate of ($1.89) by ($0.03). Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the company earned ($0.71) EPS. Tutor Perini’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Tutor Perini will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ronald N. Tutor sold 50,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $30.78, for a total value of $1,539,000.00. Following the transaction, the chief executive officer now directly owns 2,362,267 shares of the company’s stock, valued at approximately $72,710,578.26. This represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 19.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fred Alger Management LLC acquired a new position in shares of Tutor Perini in the 3rd quarter worth approximately $16,034,000. Hennessy Advisors Inc. acquired a new stake in shares of Tutor Perini during the 2nd quarter worth about $12,362,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of Tutor Perini by 129.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 783,396 shares of the construction company’s stock worth $21,277,000 after buying an additional 441,858 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Tutor Perini by 59.9% in the second quarter. American Century Companies Inc. now owns 759,665 shares of the construction company’s stock valued at $16,546,000 after acquiring an additional 284,627 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Tutor Perini by 84.4% in the second quarter. Acadian Asset Management LLC now owns 539,336 shares of the construction company’s stock valued at $11,742,000 after acquiring an additional 246,901 shares during the last quarter. 65.01% of the stock is owned by 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.