Tutor Perini (NYSE:TPC) Trading Down 12.7% - Here's What Happened

Tutor Perini Co. (NYSE:TPC - Get Free Report) shares fell 12.7% on Wednesday . The company traded as low as $21.09 and last traded at $18.73. 211,899 shares changed hands during trading, a decline of 64% from the average session volume of 596,130 shares. The stock had previously closed at $21.44.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TPC. B. Riley upgraded Tutor Perini to a "strong-buy" rating in a research note on Tuesday, March 18th. StockNews.com downgraded Tutor Perini from a "buy" rating to a "hold" rating in a research note on Tuesday, January 28th.

Tutor Perini Price Performance

The firm has a market cap of $1.15 billion, a P/E ratio of -8.71 and a beta of 1.47. The firm's fifty day simple moving average is $23.62 and its 200 day simple moving average is $25.36. 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 data on Thursday, February 27th. The construction company reported ($1.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($1.80). Tutor Perini had a negative return on equity of 9.56% and a negative net margin of 3.08%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm earned ($0.91) EPS.

Hedge Funds Weigh In On Tutor Perini

A number of institutional investors and hedge funds have recently made changes to their positions in TPC. Barclays PLC grew its position in Tutor Perini by 298.0% in the third quarter. Barclays PLC now owns 69,875 shares of the construction company's stock worth $1,898,000 after acquiring an additional 52,319 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Tutor Perini by 611.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 536,384 shares of the construction company's stock worth $14,568,000 after buying an additional 460,945 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Tutor Perini by 67.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 93,202 shares of the construction company's stock valued at $2,255,000 after purchasing an additional 37,478 shares during the period. Geode Capital Management LLC grew its stake in Tutor Perini by 3.9% in the third quarter. Geode Capital Management LLC now owns 1,023,198 shares of the construction company's stock worth $27,795,000 after purchasing an additional 38,458 shares in the last quarter. Finally, State Street Corp grew its position in shares of Tutor Perini by 2.0% during the 3rd quarter. State Street Corp now owns 975,082 shares of the construction company's stock worth $26,483,000 after buying an additional 19,518 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.

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