Tutor Perini (TPC) Hits New 12-Month Low After Earnings Miss

Shares of Tutor Perini Corp (NYSE:TPC) hit a new 52-week low during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $14.92 and last traded at $18.15, with a volume of 51494 shares. The stock had previously closed at $18.75.

The construction company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.32). Tutor Perini had a net margin of 2.58% and a return on equity of 4.55%. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the business earned $0.47 EPS. The company’s quarterly revenue was down 6.4% on a year-over-year basis.

A number of research analysts have recently issued reports on the company. Zacks Investment Research lowered Tutor Perini from a “hold” rating to a “sell” rating in a research report on Friday, October 26th. ValuEngine upgraded Tutor Perini from a “strong sell” rating to a “sell” rating in a report on Thursday, August 2nd. MKM Partners set a $27.00 price objective on Tutor Perini and gave the company a “buy” rating in a report on Thursday. UBS Group set a $24.00 price objective on Tutor Perini and gave the company a “buy” rating in a report on Thursday. Finally, B. Riley decreased their price objective on Tutor Perini from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $28.50.

In other Tutor Perini news, CEO Ronald N. Tutor sold 27,375 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $20.24, for a total value of $554,070.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder N. Tutor Separate Prope Ronald sold 27,433 shares of the firm’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $20.02, for a total value of $549,208.66. Following the completion of the transaction, the insider now owns 5,698,983 shares in the company, valued at approximately $114,093,639.66. The disclosure for this sale can be found here. Insiders sold a total of 117,574 shares of company stock worth $2,367,300 in the last 90 days. 24.50% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Westside Investment Management Inc. lifted its holdings in Tutor Perini by 6.0% in the 3rd quarter. Westside Investment Management Inc. now owns 107,115 shares of the construction company’s stock valued at $2,016,000 after purchasing an additional 6,025 shares in the last quarter. Commonwealth Bank of Australia acquired a new stake in shares of Tutor Perini in the 3rd quarter worth $261,000. DDD Partners LLC increased its stake in shares of Tutor Perini by 1.1% in the 3rd quarter. DDD Partners LLC now owns 497,015 shares of the construction company’s stock worth $9,344,000 after acquiring an additional 5,190 shares during the last quarter. Prudential Financial Inc. acquired a new stake in shares of Tutor Perini in the 3rd quarter worth $427,000. Finally, Falcon Point Capital LLC increased its stake in shares of Tutor Perini by 11.3% in the 3rd quarter. Falcon Point Capital LLC now owns 28,385 shares of the construction company’s stock worth $534,000 after acquiring an additional 2,885 shares during the last quarter. Institutional investors own 87.33% of the company’s stock.

The company has a market capitalization of $910.30 million, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.85 and a beta of 2.08. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.46.

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About Tutor Perini (NYSE:TPC)

Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies worldwide. The company operates through three segments: Civil, Building, and Specialty Contractors. The Civil segment engages in the public works construction, replacement, and reconstruction of infrastructure, including highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities.

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