Tutor Perini (NYSE:TPC) Posts Quarterly Earnings Results, Misses Expectations By $1.82 EPS

Tutor Perini (NYSE:TPC – Get Rating) issued 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. The business had revenue of $906.65 million for the quarter, compared to analyst estimates of $976.17 million. Tutor Perini had a negative return on equity of 5.48% and a negative net margin of 2.24%. The firm’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same period last year, the company posted $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 Price Performance

Shares of TPC stock traded down $0.44 during mid-day trading on Friday, hitting $5.72. 397,664 shares of the stock traded hands, compared to its average volume of 269,192. Tutor Perini has a twelve month low of $5.40 and a twelve month high of $10.94. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.91 and a current ratio of 1.91. The company’s 50-day simple moving average is $8.53 and its 200-day simple moving average is $7.52. The firm has a market cap of $294.52 million, a price-to-earnings ratio of -3.53 and a beta of 1.50.

Institutional Investors Weigh In On Tutor Perini

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Tutor Perini by 5.2% in the third quarter. BlackRock Inc. now owns 5,225,053 shares of the construction company’s stock valued at $28,842,000 after buying an additional 260,354 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tutor Perini by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,658,964 shares of the construction company’s stock valued at $28,716,000 after purchasing an additional 69,285 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Tutor Perini by 9.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,636,300 shares of the construction company’s stock valued at $12,354,000 after purchasing an additional 139,889 shares during the period. State Street Corp increased its stake in Tutor Perini by 0.8% in the 3rd quarter. State Street Corp now owns 1,094,570 shares of the construction company’s stock worth $6,042,000 after purchasing an additional 9,121 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Tutor Perini by 36.1% during the 4th quarter. AQR Capital Management LLC now owns 1,075,062 shares of the construction company’s stock worth $8,117,000 after buying an additional 284,950 shares during the period. 65.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TPC shares. StockNews.com began coverage on Tutor Perini in a research report on Thursday. They set a “hold” rating for the company. B. Riley dropped their price target on shares of Tutor Perini from $10.00 to $8.00 in a research report on Friday.

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.