Tutor Perini (NYSE:TPC) Sets New 52-Week High After Strong Earnings

Tutor Perini Corporation (NYSE:TPC) reached a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $89.51 and last traded at $89.41, with a volume of 1133805 shares trading hands. The stock had previously closed at $86.10.

The construction company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.15. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. Tutor Perini had a positive return on equity of 7.07% and a negative net margin of 0.55%.

Analysts Set New Price Targets

Several research firms have weighed in on TPC. B. Riley Financial reaffirmed a “buy” rating on shares of Tutor Perini in a research note on Thursday, November 6th. UBS Group raised their target price on Tutor Perini from $67.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tutor Perini in a research report on Wednesday, January 21st. Finally, Wall Street Zen lowered Tutor Perini from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 22nd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $80.50.

Hedge Funds Weigh In On Tutor Perini

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Tutor Perini by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 3,009,860 shares of the construction company’s stock valued at $201,721,000 after purchasing an additional 86,874 shares during the period. First Trust Advisors LP boosted its holdings in Tutor Perini by 17.1% in the 3rd quarter. First Trust Advisors LP now owns 1,350,383 shares of the construction company’s stock valued at $88,572,000 after purchasing an additional 197,169 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Tutor Perini by 19.2% in the 3rd quarter. American Century Companies Inc. now owns 1,179,380 shares of the construction company’s stock valued at $77,356,000 after buying an additional 189,768 shares during the period. Fred Alger Management LLC increased its holdings in shares of Tutor Perini by 47.0% during the 4th quarter. Fred Alger Management LLC now owns 1,105,848 shares of the construction company’s stock worth $74,114,000 after buying an additional 353,744 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Tutor Perini by 1.0% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,087,666 shares of the construction company’s stock worth $71,340,000 after buying an additional 10,898 shares during the last quarter. Institutional investors and hedge funds own 65.01% of the company’s stock.

Tutor Perini Trading Up 3.8%

The stock has a market cap of $4.72 billion, a PE ratio of -168.69 and a beta of 2.21. The company’s 50-day moving average price is $76.39 and its 200 day moving average price is $68.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 1.30.

About Tutor Perini

Tutor Perini Corporation is a leading U.S. construction company that provides diversified general contracting, construction management and design-build services to private clients and public agencies. The company operates through three principal market segments—Civil, Building and Specialty Contractors—serving a broad range of infrastructure and vertical construction needs.

In its Civil segment, Tutor Perini delivers heavy civil infrastructure projects including highways and bridges, water management, dams, tunnels and rail systems.