Tutor Perini (NYSE:TPC) Releases FY 2023 Earnings Guidance

Tutor Perini (NYSE:TPC – Get Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.45-$0.65 for the period, compared to the consensus estimate of $1.31. The company issued revenue guidance of -. Tutor Perini also updated its FY23 guidance to $0.45-0.65 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. B. Riley lowered their target price on Tutor Perini from $10.00 to $8.00 in a report on Friday. StockNews.com assumed coverage on Tutor Perini in a research note on Thursday. They set a hold rating on the stock.

Tutor Perini Price Performance

Shares of TPC stock opened at $6.13 on Friday. Tutor Perini has a 52-week low of $5.40 and a 52-week high of $10.94. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.91 and a current ratio of 1.91. The firm has a market capitalization of $315.82 million, a P/E ratio of -1.50 and a beta of 1.50. The stock has a 50 day moving average price of $8.53 and a 200 day moving average price of $7.52.

Tutor Perini (NYSE:TPC – Get Rating) last issued its earnings results on Wednesday, March 15th. The construction company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($1.82). The firm had revenue of $906.65 million for the quarter, compared to the consensus estimate of $976.17 million. Tutor Perini had a negative net margin of 5.54% and a negative return on equity of 13.31%. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. As a group, sell-side analysts predict that Tutor Perini will post 0.55 earnings per share for the current year.

Institutional Investors Weigh In On Tutor Perini

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of Tutor Perini by 5.2% in the 3rd quarter. BlackRock Inc. now owns 5,225,053 shares of the construction company’s stock worth $28,842,000 after acquiring an additional 260,354 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Tutor Perini by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,658,964 shares of the construction company’s stock worth $28,716,000 after acquiring an additional 69,285 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Tutor Perini by 9.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,636,300 shares of the construction company’s stock worth $12,354,000 after acquiring an additional 139,889 shares in the last quarter. State Street Corp raised its position in shares of Tutor Perini by 0.8% in the 3rd quarter. State Street Corp now owns 1,094,570 shares of the construction company’s stock worth $6,042,000 after acquiring an additional 9,121 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Tutor Perini by 36.1% in the 4th quarter. AQR Capital Management LLC now owns 1,075,062 shares of the construction company’s stock worth $8,117,000 after acquiring an additional 284,950 shares in the last quarter. 65.86% of the stock is owned by institutional investors.

About Tutor Perini

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Tutor Perini Corp. engages in the provision of construction services. It operates through the following business segments: Civil, Building, and Specialty Contractors. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure across the major geographic regions of the United States.