Tutor Perini Corporation (TPC) Debt Trading 0.9% Higher
An issue of Tutor Perini Corporation (NYSE:TPC) bonds rose 0.9% against their face value during trading on Thursday. The high-yield issue of debt has a 6.875% coupon and will mature on May 1, 2025. The debt is now trading at $106.88 and was trading at $106.00 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
Several equities research analysts have recently weighed in on the stock. KeyCorp reiterated a “hold” rating on shares of Tutor Perini Corporation in a research note on Friday. Zacks Investment Research downgraded shares of Tutor Perini Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. BidaskClub downgraded shares of Tutor Perini Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Tutor Perini Corporation in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $31.29.
Shares of Tutor Perini Corporation (NYSE:TPC) opened at 24.45 on Friday. The company has a 50-day moving average of $26.82 and a 200-day moving average of $28.48. Tutor Perini Corporation has a 12 month low of $18.05 and a 12 month high of $33.00. The firm has a market cap of $1.22 billion, a P/E ratio of 12.02 and a beta of 2.42.
Tutor Perini Corporation (NYSE:TPC) last announced its earnings results on Monday, August 7th. The construction company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Tutor Perini Corporation had a net margin of 2.08% and a return on equity of 6.60%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the company posted $0.43 EPS. Equities analysts forecast that Tutor Perini Corporation will post $2.26 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of TPC. Norges Bank bought a new stake in Tutor Perini Corporation during the fourth quarter valued at $1,646,000. Bank of America Corp DE boosted its stake in Tutor Perini Corporation by 64.7% in the first quarter. Bank of America Corp DE now owns 311,710 shares of the construction company’s stock valued at $9,913,000 after buying an additional 122,419 shares during the last quarter. Shell Asset Management Co. bought a new stake in Tutor Perini Corporation during the first quarter valued at $1,165,000. ClariVest Asset Management LLC boosted its stake in Tutor Perini Corporation by 23.8% in the first quarter. ClariVest Asset Management LLC now owns 234,245 shares of the construction company’s stock valued at $7,448,000 after buying an additional 45,000 shares during the last quarter. Finally, KAMES CAPITAL plc bought a new stake in Tutor Perini Corporation during the first quarter valued at $737,000. Hedge funds and other institutional investors own 82.15% of the company’s stock.
About Tutor Perini Corporation
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.
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