Tutor Perini (NYSE:TPC) Releases Q1 2024 Earnings Guidance

Tutor Perini (NYSE:TPC) issued an update on its first quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.270-0.320 for the period, compared to the consensus estimate of -0.170. The company issued revenue guidance of $1.0 billion-$1.1 billion, compared to the consensus revenue estimate of $874.6 million.

Tutor Perini Price Performance

TPC traded down $0.10 during midday trading on Friday, reaching $13.28. 1,239,142 shares of the company’s stock were exchanged, compared to its average volume of 343,852. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market capitalization of $694.28 million, a PE ratio of -4.06 and a beta of 1.62. The business’s 50-day moving average price is $12.27 and its 200 day moving average price is $9.63. Tutor Perini has a 1-year low of $4.90 and a 1-year high of $16.33.

Tutor Perini (NYSE:TPC) last posted its quarterly earnings data on Wednesday, February 28th. The construction company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.98). The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $951.50 million. Tutor Perini had a negative net margin of 4.41% and a negative return on equity of 12.73%. As a group, equities analysts anticipate that Tutor Perini will post 0.92 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Tutor Perini from a buy rating to a hold rating in a research report on Saturday, March 30th.

Insider Activity

In other news, President Gary G. Smalley sold 20,303 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $12.40, for a total value of $251,757.20. Following the completion of the transaction, the president now directly owns 160,507 shares in the company, valued at $1,990,286.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Tutor Perini news, President Gary G. Smalley sold 20,303 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $12.40, for a total transaction of $251,757.20. Following the transaction, the president now directly owns 160,507 shares in the company, valued at approximately $1,990,286.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Gary G. Smalley sold 15,940 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $13.28, for a total transaction of $211,683.20. Following the transaction, the president now owns 68,346 shares in the company, valued at $907,634.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 64,201 shares of company stock worth $822,980. 21.30% of the stock is currently owned by company insiders.

Institutional Trading of Tutor Perini

Institutional investors and hedge funds have recently modified their holdings of the business. First Trust Advisors LP increased its holdings in shares of Tutor Perini by 469.8% in the 1st quarter. First Trust Advisors LP now owns 591,612 shares of the construction company’s stock worth $3,650,000 after acquiring an additional 487,785 shares during the period. BlackRock Inc. grew its position in Tutor Perini by 6.5% in the 2nd quarter. BlackRock Inc. now owns 5,508,141 shares of the construction company’s stock valued at $39,383,000 after buying an additional 335,690 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Tutor Perini by 36.1% during the 4th quarter. AQR Capital Management LLC now owns 1,075,062 shares of the construction company’s stock valued at $8,117,000 after purchasing an additional 284,950 shares in the last quarter. State Street Corp boosted its position in shares of Tutor Perini by 35.6% during the 1st quarter. State Street Corp now owns 1,081,264 shares of the construction company’s stock valued at $11,678,000 after purchasing an additional 284,007 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Tutor Perini by 60.4% during the 4th quarter. Morgan Stanley now owns 605,282 shares of the construction company’s stock valued at $4,570,000 after purchasing an additional 227,823 shares in the last quarter. 65.01% of the stock is owned by institutional investors and hedge funds.

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.