Tutor Perini (NYSE:TPC) Issues Earnings Results

Tutor Perini (NYSE:TPC – Get Rating) released its quarterly earnings data on Wednesday. The construction company reported ($1.80) EPS for the quarter, missing the consensus estimate of $0.02 by ($1.82), Briefing.com reports. The company had revenue of $906.65 million during the quarter, compared to analyst estimates of $976.17 million. Tutor Perini had a negative net margin of 2.24% and a negative return on equity of 5.48%. Tutor Perini’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. 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 Stock Down 14.1 %

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Tutor Perini

Institutional investors have recently modified their holdings of the business. Raymond James & Associates acquired a new stake in Tutor Perini in the 1st quarter worth about $142,000. PDT Partners LLC acquired a new stake in shares of Tutor Perini in the first quarter valued at approximately $152,000. Quantbot Technologies LP boosted its stake in shares of Tutor Perini by 152.4% in the first quarter. Quantbot Technologies LP now owns 16,660 shares of the construction company’s stock valued at $179,000 after buying an additional 10,060 shares during the period. Alliancebernstein L.P. grew 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 worth $128,000 after buying an additional 3,900 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in 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. 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.