DA Davidson Analysts Decrease Earnings Estimates for Tutor Perini Corp (TPC)
Tutor Perini Corp (NYSE:TPC) – Research analysts at DA Davidson cut their Q3 2019 earnings per share (EPS) estimates for shares of Tutor Perini in a research report issued on Tuesday, January 22nd. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $0.78 per share for the quarter, down from their previous forecast of $0.86. DA Davidson currently has a “Neutral” rating and a $20.00 target price on the stock. DA Davidson also issued estimates for Tutor Perini’s Q4 2019 earnings at $0.80 EPS and FY2020 earnings at $3.15 EPS.
Tutor Perini (NYSE:TPC) last issued its quarterly earnings results on Wednesday, November 7th. The construction company reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.32). Tutor Perini had a net margin of 2.58% and a return on equity of 4.35%. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the company posted $0.47 earnings per share. Tutor Perini’s revenue was down 6.4% compared to the same quarter last year.
Shares of NYSE TPC opened at $17.11 on Wednesday. Tutor Perini has a twelve month low of $14.66 and a twelve month high of $26.85. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.94 and a quick ratio of 1.94. The stock has a market capitalization of $916.98 million, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 0.81 and a beta of 1.99.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Tutor Perini in the third quarter worth approximately $260,000. Commonwealth Bank of Australia purchased a new stake in shares of Tutor Perini in the third quarter worth approximately $261,000. Nomura Holdings Inc. purchased a new stake in shares of Tutor Perini in the second quarter worth approximately $298,000. Foundry Partners LLC lifted its position in shares of Tutor Perini by 34.1% in the third quarter. Foundry Partners LLC now owns 16,355 shares of the construction company’s stock worth $307,000 after purchasing an additional 4,155 shares in the last quarter. Finally, OppenheimerFunds Inc. lifted its position in shares of Tutor Perini by 25.2% in the second quarter. OppenheimerFunds Inc. now owns 18,761 shares of the construction company’s stock worth $346,000 after purchasing an additional 3,781 shares in the last quarter. 89.68% of the stock is owned by institutional investors and hedge funds.
In other Tutor Perini news, major shareholder N. Tutor Separate Prope Ronald sold 75,000 shares of the company’s stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $16.13, for a total transaction of $1,209,750.00. Following the completion of the sale, the insider now directly owns 5,536,601 shares of the company’s stock, valued at $89,305,374.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sidney J. Feltenstein acquired 20,000 shares of Tutor Perini stock in a transaction on Monday, November 12th. The shares were purchased at an average cost of $17.23 per share, with a total value of $344,600.00. The disclosure for this purchase can be found here. 24.70% of the stock is currently owned by corporate insiders.
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 worldwide. The company operates through three segments: Civil, Building, and Specialty Contractors. The Civil segment engages in the public works construction, replacement, and reconstruction of infrastructure, including highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities.
Further Reading: Dollar Cost Averaging
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