Tutor Perini (NYSE:TPC) Announces Earnings Results

Tutor Perini (NYSE:TPC – Get Rating) released its earnings results on Wednesday. The construction company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($1.82), Briefing.com reports. Tutor Perini had a negative return on equity of 5.48% and a negative net margin of 2.24%. The business had revenue of $906.65 million during the quarter, compared to analysts’ expectations of $976.17 million. During the same quarter in the previous year, the business earned $0.57 EPS. The business’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 Price Performance

TPC opened at $6.04 on Friday. Tutor Perini has a 12-month low of $5.40 and a 12-month high of $10.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.61. The business’s fifty day simple moving average is $8.56 and its 200-day simple moving average is $7.53. The company has a market capitalization of $311.00 million, a price-to-earnings ratio of -3.60 and a beta of 1.50.

Analyst Ratings Changes

A number of analysts have weighed in on the company. B. Riley reduced their target price on Tutor Perini from $10.00 to $8.00 in a research note on Friday. StockNews.com began coverage on Tutor Perini in a research report on Thursday. They set a “hold” rating on the stock.

Hedge Funds Weigh In On Tutor Perini

A number of hedge funds and other institutional investors have recently made changes to their positions in TPC. Alliancebernstein L.P. boosted its position in Tutor Perini by 29.8% during the fourth quarter. Alliancebernstein L.P. now owns 16,995 shares of the construction company’s stock valued at $128,000 after purchasing an additional 3,900 shares in the last quarter. Legal & General Group Plc boosted its position in Tutor Perini by 8.1% during the fourth quarter. Legal & General Group Plc now owns 17,674 shares of the construction company’s stock valued at $133,000 after purchasing an additional 1,329 shares in the last quarter. Raymond James & Associates bought a new stake in Tutor Perini during the first quarter valued at about $142,000. Cerity Partners LLC bought a new stake in Tutor Perini during the fourth quarter valued at about $152,000. Finally, PDT Partners LLC bought a new stake in Tutor Perini during the first quarter valued at about $152,000. Institutional investors own 65.86% of the company’s stock.

About Tutor Perini

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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.