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

Tutor Perini Co. (NYSE:TPC)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. 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 trading hands.

The construction company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.06 by $0.47. Tutor Perini had a negative net margin of 3.08% and a negative return on equity of 9.56%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the business earned $0.30 EPS. The business’s revenue was up 18.8% on a year-over-year basis.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Tutor Perini

Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC increased its holdings in Tutor Perini by 298.0% during the 3rd quarter. Barclays PLC now owns 69,875 shares of the construction company’s stock valued at $1,898,000 after acquiring an additional 52,319 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Tutor Perini by 24.6% during the 3rd quarter. Franklin Resources Inc. now owns 79,907 shares of the construction company’s stock worth $2,130,000 after purchasing an additional 15,788 shares in the last quarter. JPMorgan Chase & Co. increased its stake 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 worth $14,568,000 after purchasing an additional 460,945 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Tutor Perini by 67.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 93,202 shares of the construction company’s stock valued at $2,255,000 after buying an additional 37,478 shares in the last quarter. Finally, Hennessy Advisors Inc. grew its holdings in Tutor Perini by 6.8% during the 4th quarter. Hennessy Advisors Inc. now owns 682,981 shares of the construction company’s stock valued at $16,528,000 after buying an additional 43,600 shares during the last quarter. 65.01% of the stock is owned by institutional investors and hedge funds.

Tutor Perini Stock Up 9.0 %

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

Tutor Perini Company Profile

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.