Tutor Perini (NYSE:TPC) Shares Gap Up Following Strong Earnings

Shares of Tutor Perini Co. (NYSE:TPC) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $23.63, but opened at $28.78. Tutor Perini shares last traded at $28.31, with a volume of 237,034 shares changing hands.

The construction company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.47. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.08 billion. Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 earnings per share.

Analyst Ratings Changes

Several equities analysts recently commented on the company. StockNews.com upgraded Tutor Perini from a “hold” rating to a “buy” rating in a research note on Thursday. UBS Group upped their price objective on shares of Tutor Perini from $40.00 to $41.00 and gave the company a “buy” rating in a research note on Friday. Finally, B. Riley raised shares of Tutor Perini to a “strong-buy” rating in a research report on Tuesday, March 18th.

Institutional Trading of Tutor Perini

Institutional investors have recently modified their holdings of the company. Barclays PLC grew its stake in Tutor Perini by 298.0% during the third quarter. Barclays PLC now owns 69,875 shares of the construction company’s stock worth $1,898,000 after buying an additional 52,319 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Tutor Perini by 611.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 536,384 shares of the construction company’s stock valued at $14,568,000 after acquiring an additional 460,945 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Tutor Perini by 67.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 93,202 shares of the construction company’s stock worth $2,255,000 after purchasing an additional 37,478 shares during the period. Franklin Resources Inc. increased its holdings in Tutor Perini by 10.4% in the 4th quarter. Franklin Resources Inc. now owns 88,216 shares of the construction company’s stock valued at $2,135,000 after purchasing an additional 8,309 shares in the last quarter. Finally, Hennessy Advisors Inc. raised its position in Tutor Perini by 6.8% in the fourth quarter. Hennessy Advisors Inc. now owns 682,981 shares of the construction company’s stock valued at $16,528,000 after purchasing an additional 43,600 shares during the period. Hedge funds and other institutional investors own 65.01% of the company’s stock.

Tutor Perini Stock Performance

The stock has a 50 day simple moving average of $23.14 and a 200 day simple moving average of $24.78. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.53. The company has a market cap of $1.72 billion, a price-to-earnings ratio of -12.97 and a beta of 1.62.

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.