Tutor Perini (NYSE:TPC) Sets New 52-Week High After 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)'s share price hit a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $58.50 and last traded at $61.68, with a volume of 13187 shares. The stock had previously closed at $47.28.

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

Analyst Upgrades and Downgrades

TPC has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Monday. UBS Group raised their price objective on shares of Tutor Perini from $59.00 to $67.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, B. Riley lifted their target price on shares of Tutor Perini from $50.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday.

Insider Activity at Tutor Perini

In related news, Director Raymond R. Oneglia sold 25,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $36.14, for a total transaction of $903,500.00. Following the completion of the sale, the director owned 90,470 shares in the company, valued at $3,269,585.80. This trade represents a 21.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Ronald N. Tutor sold 130,478 shares of Tutor Perini stock in a transaction that occurred 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 410,000 shares of company stock valued at $15,891,651. Company insiders own 17.30% of the company's stock.

Hedge Funds Weigh In On Tutor Perini

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in Tutor Perini by 32.5% during the 1st quarter. GAMMA Investing LLC now owns 2,080 shares of the construction company's stock valued at $48,000 after purchasing an additional 510 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of Tutor Perini during the first quarter valued at about $54,000. Comerica Bank grew its holdings in shares of Tutor Perini by 30.7% during the first quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after purchasing an additional 569 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Tutor Perini in the second quarter worth approximately $145,000. Finally, AlphaQuest LLC lifted its position in Tutor Perini by 849.2% in the first quarter. AlphaQuest LLC now owns 3,436 shares of the construction company's stock valued at $80,000 after purchasing an additional 3,074 shares during the last quarter. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Tutor Perini Stock Performance

The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The company has a market cap of $3.08 billion, a P/E ratio of -23.09 and a beta of 1.83. The business has a fifty day moving average of $45.01 and a 200 day moving average of $32.19.

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.