Tutor Perini (NYSE:TPC) Announces Earnings Results, Misses Estimates By $1.82 EPS

Tutor Perini (NYSE:TPC – Get Rating) announced its quarterly earnings results on Wednesday. The construction company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($1.82), Briefing.com reports. Tutor Perini had a negative net margin of 2.24% and a negative return on equity of 5.48%. The business had revenue of $906.65 million for the quarter, compared to analysts’ expectations of $976.17 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was down 12.6% on a year-over-year basis. Tutor Perini updated its FY23 guidance to $0.45-0.65 EPS and its FY 2023 guidance to $0.45-$0.65 EPS.

Tutor Perini Trading Down 14.1 %

TPC stock opened at $6.16 on Friday. Tutor Perini has a fifty-two week low of $5.40 and a fifty-two week high of $10.94. The business’s 50 day moving average price is $8.56 and its two-hundred day moving average price is $7.53. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.61.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on Tutor Perini in a report on Thursday. They set a “hold” rating on the stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TPC. Alliancebernstein L.P. grew its holdings in shares of Tutor Perini by 29.8% during the 4th quarter. Alliancebernstein L.P. now owns 16,995 shares of the construction company’s stock worth $128,000 after acquiring an additional 3,900 shares during the period. Legal & General Group Plc grew its holdings in shares of Tutor Perini by 8.1% during the 4th quarter. Legal & General Group Plc now owns 17,674 shares of the construction company’s stock worth $133,000 after acquiring an additional 1,329 shares during the period. Raymond James & Associates purchased a new position in shares of Tutor Perini during the 1st quarter worth approximately $142,000. Cerity Partners LLC purchased a new position in shares of Tutor Perini during the 4th quarter worth approximately $152,000. Finally, PDT Partners LLC purchased a new position in shares of Tutor Perini during the 1st quarter worth approximately $152,000. Hedge funds and other institutional investors own 65.86% of the company’s stock.

Tutor Perini Company Profile

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Tutor Perini Corp. engages in the provision of construction services. It operates through the following business segments: Civil, Building, and Specialty Contractors. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure across the major geographic regions of the United States.