Tutor Perini (NYSE:TPC) Announces Earnings Results

Key Points

• Tutor Perini reported quarterly EPS of $1.83, beating the $0.80 consensus estimate by $1.03; revenue of $1.72 billion also exceeded expectations of $1.63 billion.
• Shares slipped 0.3% to $82.64 after the results. Analysts’ average rating was “Moderate Buy,” with a consensus price target of $105.
• Insiders sold 2.51 million shares worth about $216.8 million over the past three months, including a large sale by Chairman Ronald Tutor.

Tutor Perini (NYSE:TPC - Get Free Report) posted its quarterly earnings data on Wednesday. The construction company reported $1.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $1.03, FiscalAI reports. The business had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.63 billion. Tutor Perini had a net margin of 2.08% and a return on equity of 20.95%.

Tutor Perini Trading Down 0.3%

Shares of TPC stock traded down $0.21 on Wednesday, hitting $82.64. 1,691,129 shares of the stock traded hands, compared to its average volume of 594,780. Tutor Perini has a twelve month low of $57.90 and a twelve month high of $102.30. The stock has a market capitalization of $4.35 billion, a PE ratio of 35.62 and a beta of 2.12. The firm's 50-day moving average price is $84.11 and its two-hundred day moving average price is $81.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.29 and a current ratio of 1.29.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TPC. UBS Group increased their price objective on shares of Tutor Perini from $98.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Zacks Research downgraded shares of Tutor Perini from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Finally, Weiss Ratings lowered shares of Tutor Perini from a "buy (b-)" rating to a "hold (c)" rating in a research report on Friday, October 23rd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Tutor Perini currently has an average rating of "Moderate Buy" and a consensus target price of $105.00.

Insider Buying and Selling at Tutor Perini

In related news, Chairman Ronald Tutor sold 2,310,000 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $85.59, for a total transaction of $197,712,900.00. Following the completion of the transaction, the chairman owned 701,477 shares of the company's stock, valued at approximately $60,039,416.43. This trade represents a 76.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sidney Feltenstein sold 184,209 shares of Tutor Perini stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $97.05, for a total transaction of $17,877,483.45. Following the completion of the transaction, the director owned 6,700 shares of the company's stock, valued at $650,235. This trade represents a 96.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,507,609 shares of company stock worth $216,823,719 over the last three months. Insiders own 15.40% of the company's stock.

Tutor Perini Company Profile

Tutor Perini Corporation NYSE: TPC is a construction company that provides general contracting, construction management, and design-build services. Its operations are organized around civil, building, and specialty contracting activities, serving public agencies, private developers, and other institutional customers.

The company's civil construction work includes major infrastructure such as highways, bridges, tunnels, mass-transit systems, airports, water and wastewater facilities, and other transportation and utility projects.

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