Tutor Perini (NYSE:TPC) Shares Down 16.9% - Here's Why

Tutor Perini Co. (NYSE:TPC - Get Free Report) shares traded down 16.9% on Tuesday . The company traded as low as $23.21 and last traded at $19.69. 19,181 shares were traded during mid-day trading, a decline of 97% from the average session volume of 597,450 shares. The stock had previously closed at $23.69.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Vertical Research assumed coverage on shares of Tutor Perini in a research report on Tuesday, December 10th. They issued a "buy" rating and a $38.00 price target for the company. B. Riley raised their target price on shares of Tutor Perini from $38.00 to $40.00 and gave the stock 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 Trading Down 16.3 %

The company has a 50 day simple moving average of $24.15 and a 200 day simple moving average of $25.05. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $1.02 billion, a PE ratio of -7.77 and a beta of 1.52.

Institutional Trading of Tutor Perini

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fred Alger Management LLC purchased a new stake in shares of Tutor Perini in the third quarter valued at about $16,034,000. Boston Partners boosted its holdings in shares of Tutor Perini by 1,801.4% in the fourth 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 in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Tutor Perini by 611.0% in the third 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 in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Tutor Perini by 129.4% in the third 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 in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Tutor Perini by 74.6% in the fourth 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 in the last quarter. 65.01% of the stock is owned by hedge funds and other institutional investors.

Tutor Perini Company Profile

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.