Tutor Perini (NYSE:TPC) Shares Gap Up - Here's What Happened

Tutor Perini Co. (NYSE:TPC - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $21.87, but opened at $24.77. Tutor Perini shares last traded at $26.87, with a volume of 135,430 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TPC shares. Vertical Research assumed coverage on shares of Tutor Perini in a research report on Tuesday, December 10th. They set a "buy" rating and a $38.00 target price on the stock. B. Riley lifted their price objective on shares of Tutor Perini from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, StockNews.com lowered shares of Tutor Perini from a "buy" rating to a "hold" rating in a research report on Tuesday, January 28th.

Tutor Perini Stock Down 1.4 %

The company has a market capitalization of $1.45 billion, a PE ratio of -10.99 and a beta of 1.52. The firm's 50-day simple moving average is $24.07 and its 200 day simple moving average is $25.40. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.55 and a current ratio of 1.55.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The construction company reported ($1.51) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($1.80). The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.08 billion. Tutor Perini had a negative return on equity of 9.56% and a negative net margin of 3.08%. During the same period last year, the firm earned ($0.91) EPS.

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Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TPC. Fred Alger Management LLC acquired a new position in Tutor Perini in the 3rd quarter valued at about $16,034,000. Boston Partners increased its stake in shares of Tutor Perini by 1,801.4% during the 4th quarter. Boston Partners now owns 605,450 shares of the construction company's stock valued at $14,666,000 after acquiring an additional 573,608 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Tutor Perini by 611.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 536,384 shares of the construction company's stock valued at $14,568,000 after acquiring an additional 460,945 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Tutor Perini by 129.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 783,396 shares of the construction company's stock valued at $21,277,000 after acquiring an additional 441,858 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Tutor Perini by 74.6% during the 4th quarter. First Trust Advisors LP now owns 938,478 shares of the construction company's stock valued at $22,711,000 after acquiring an additional 401,117 shares during the last quarter. Institutional investors and hedge funds own 65.01% 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 in the United States and internationally. It operates through three segments: Civil, Building, and Specialty Contractors.