Tutor Perini (NYSE:TPC) Reaches New 1-Year High on Earnings Beat

Key Points

• Tutor Perini Corporation shares hit a new 52-week high of $61.68 following a quarterly earnings report that exceeded expectations, with an EPS of $0.38 against a consensus of $0.29.
• The company reported revenue of $1.37 billion, significantly surpassing projections of $1.27 billion, indicating a year-over-year revenue increase of 21.8%.
• Despite the positive earnings report, Wall Street analysts have mixed opinions, with one downgrade from "strong-buy" to "buy" and a price target increase from $40 to $59 by UBS Group.

Tutor Perini Corporation (NYSE:TPC - Get Free Report) shares hit a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $58.50 and last traded at $61.68, with a volume of 13187 shares traded. The stock had previously closed at $47.28.

The construction company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $1.12. Tutor Perini had a negative return on equity of 6.41% and a negative net margin of 2.77%. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm earned $0.02 EPS. The company's quarterly revenue was up 21.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TPC shares. Wall Street Zen downgraded Tutor Perini from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 3rd. UBS Group boosted their target price on shares of Tutor Perini from $59.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday. Finally, B. Riley boosted their target price on shares of Tutor Perini from $50.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday.

Insiders Place Their Bets

In other Tutor Perini news, Director Raymond R. Oneglia sold 75,000 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $36.23, for a total transaction of $2,717,250.00. Following the transaction, the director directly owned 115,470 shares of the company's stock, valued at $4,183,478.10. This represents a 39.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Ronald N. Tutor sold 130,478 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $40.93, for a total transaction of $5,340,464.54. Following the transaction, the chairman directly owned 4,570,985 shares in the company, valued at $187,090,416.05. The trade was a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 410,000 shares of company stock worth $15,891,651 over the last ninety days. 17.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tutor Perini

Several hedge funds have recently bought and sold shares of the business. Kingsview Wealth Management LLC acquired a new position in Tutor Perini during the second quarter worth $426,000. Intech Investment Management LLC increased its position in Tutor Perini by 9.0% during the second quarter. Intech Investment Management LLC now owns 30,575 shares of the construction company's stock worth $1,430,000 after buying an additional 2,525 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its position in Tutor Perini by 6.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,176 shares of the construction company's stock worth $476,000 after buying an additional 639 shares during the last quarter. Geode Capital Management LLC increased its position in Tutor Perini by 2.2% during the second quarter. Geode Capital Management LLC now owns 1,049,338 shares of the construction company's stock worth $49,094,000 after buying an additional 22,210 shares during the last quarter. Finally, KBC Group NV increased its position in Tutor Perini by 12.2% during the second quarter. KBC Group NV now owns 21,437 shares of the construction company's stock worth $1,003,000 after buying an additional 2,334 shares during the last quarter. 65.01% of the stock is owned by institutional investors and hedge funds.

Tutor Perini Price Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 1.33. The stock's fifty day simple moving average is $45.01 and its 200-day simple moving average is $32.16. The company has a market capitalization of $2.98 billion, a P/E ratio of -22.44 and a beta of 1.83.

About Tutor Perini

Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies in the United States and internationally. It operates through three segments: Civil, Building, and Specialty Contractors.