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

Tutor Perini (NYSE:TPC – Get Rating) posted its quarterly earnings data on Wednesday. The construction company reported ($1.80) EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 5.48% and a negative net margin of 2.24%. Tutor Perini’s revenue was down 12.6% compared to the same quarter last year. During the same period 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 Price Performance

Tutor Perini stock opened at $7.17 on Thursday. Tutor Perini has a one year low of $5.40 and a one year high of $10.94. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.91 and a quick ratio of 1.91. The stock’s 50 day moving average is $8.57 and its 200 day moving average is $7.53. The firm has a market cap of $369.18 million, a P/E ratio of -4.19 and a beta of 1.50.

Hedge Funds Weigh In On Tutor Perini

Institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its stake in Tutor Perini by 23.4% in the first quarter. Invesco Ltd. now owns 149,337 shares of the construction company’s stock valued at $1,613,000 after buying an additional 28,343 shares during the period. UBS Group AG lifted its stake in Tutor Perini by 23.5% in the first quarter. UBS Group AG now owns 184,837 shares of the construction company’s stock valued at $1,996,000 after buying an additional 35,172 shares during the period. Hsbc Holdings PLC acquired a new position in Tutor Perini in the first quarter valued at approximately $219,000. Charles Schwab Investment Management Inc. lifted its stake in Tutor Perini by 14.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,075,219 shares of the construction company’s stock valued at $11,613,000 after buying an additional 131,866 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Tutor Perini during the first quarter worth approximately $524,000. 65.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com began coverage on Tutor Perini in a research note on Thursday. They issued a “hold” rating on the stock.

Tutor Perini Company Profile

(Get Rating)

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.