We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Tutor Perini's (TPC) Roy Anderson Wins $80.7 Million Project
Read MoreHide Full Article
Tutor Perini Corporation’s (TPC - Free Report) subsidiary, Roy Anderson Corp, has won the New Residence Hall construction project at Mississippi State University in Starkville, MS.
The scope of this approximately $80.7 million project includes the construction of a five-story residence hall on the university’s campus, which will house 400 beds, a dining hall, day spaces, offices and a storm shelter.
The work on the project will begin in February 2024 and is expected to be complete by the first half of 2025. This contract’s value will be added in Tutor Perini’s fourth-quarter 2023 backlog.
Following the announcement, shares of TPC dipped 0.2% during the trading session but inched up 0.1% in the after-hours trading session on Jan 4.
Contract Winning Spree Bodes Well
Tutor Perini’s efficient project execution, along with diversified delivery methods and services, have aided it in bagging new contracts and awards consistently. This is the primary growth driver of the company, which adds to its backlog level, thus determining the long-term growth prospects in this ever-changing economy.
At the end of the third quarter of 2023, TPC’s backlog was $10.6 billion, up 28% year over year, primarily attributable to its second-quarter award of the $2.95 billion Brooklyn Jail progressive design-build project. In the third quarter, the company witnessed about six new awards and contract adjustments with a total of $420 million.
TPC remains optimistic about its bidding pipeline as it witnesses several active opportunities on large projects thanks to substantial government funding and limited competition for many of the larger projects. Backed by these tailwinds, the company expects its backlog to significantly grow over the next 12 to 18 months. The client and project-selective motto of the company is impressive as it aids in gauging risky scenarios and avoiding financial uncertainties.
Image Source: Zacks Investment Research
Owing to these tailwinds, shares of this civil, building and specialty construction company have gained 25.7% in the past six months against the Zacks Building Products - Heavy Construction industry’s 6.2% decline.
Zacks Rank & Key Picks
Tutor Perini currently carries a Zacks Rank #5 (Strong Sell).
Here are some better-ranked stocks from the Construction sector.
It has a trailing four-quarter earnings surprise of 37.5%, on average. Shares of FLR have increased 12.3% in the past year. The Zacks Consensus Estimate for FLR’s 2024 sales and earnings per share (EPS) indicates an improvement of 9.3% and 11.1%, respectively, from the prior-year levels.
Martin Marietta Materials, Inc. (MLM - Free Report) currently sports a Zacks Rank of 1. MLM delivered a trailing four-quarter earnings surprise of 37.3%, on average. The stock has gained 38.4% in the past year.
The Zacks Consensus Estimate for MLM’s 2024 sales and EPS indicates growth of 9.7% and 14%, respectively, from a year ago.
Taylor Morrison Home Corporation (TMHC - Free Report) currently carries a Zacks Rank #2 (Buy). TMHC delivered a trailing four-quarter earnings surprise of 17.5%, on average. The stock has gained 55.1% in the past year.
The Zacks Consensus Estimate for TMHC’s 2024 sales indicates growth of 0.8% while EPS indicates a decline of 6.6% from a year ago.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Tutor Perini's (TPC) Roy Anderson Wins $80.7 Million Project
Tutor Perini Corporation’s (TPC - Free Report) subsidiary, Roy Anderson Corp, has won the New Residence Hall construction project at Mississippi State University in Starkville, MS.
The scope of this approximately $80.7 million project includes the construction of a five-story residence hall on the university’s campus, which will house 400 beds, a dining hall, day spaces, offices and a storm shelter.
The work on the project will begin in February 2024 and is expected to be complete by the first half of 2025. This contract’s value will be added in Tutor Perini’s fourth-quarter 2023 backlog.
Following the announcement, shares of TPC dipped 0.2% during the trading session but inched up 0.1% in the after-hours trading session on Jan 4.
Contract Winning Spree Bodes Well
Tutor Perini’s efficient project execution, along with diversified delivery methods and services, have aided it in bagging new contracts and awards consistently. This is the primary growth driver of the company, which adds to its backlog level, thus determining the long-term growth prospects in this ever-changing economy.
At the end of the third quarter of 2023, TPC’s backlog was $10.6 billion, up 28% year over year, primarily attributable to its second-quarter award of the $2.95 billion Brooklyn Jail progressive design-build project. In the third quarter, the company witnessed about six new awards and contract adjustments with a total of $420 million.
TPC remains optimistic about its bidding pipeline as it witnesses several active opportunities on large projects thanks to substantial government funding and limited competition for many of the larger projects. Backed by these tailwinds, the company expects its backlog to significantly grow over the next 12 to 18 months. The client and project-selective motto of the company is impressive as it aids in gauging risky scenarios and avoiding financial uncertainties.
Image Source: Zacks Investment Research
Owing to these tailwinds, shares of this civil, building and specialty construction company have gained 25.7% in the past six months against the Zacks Building Products - Heavy Construction industry’s 6.2% decline.
Zacks Rank & Key Picks
Tutor Perini currently carries a Zacks Rank #5 (Strong Sell).
Here are some better-ranked stocks from the Construction sector.
Fluor Corporation (FLR - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
It has a trailing four-quarter earnings surprise of 37.5%, on average. Shares of FLR have increased 12.3% in the past year. The Zacks Consensus Estimate for FLR’s 2024 sales and earnings per share (EPS) indicates an improvement of 9.3% and 11.1%, respectively, from the prior-year levels.
Martin Marietta Materials, Inc. (MLM - Free Report) currently sports a Zacks Rank of 1. MLM delivered a trailing four-quarter earnings surprise of 37.3%, on average. The stock has gained 38.4% in the past year.
The Zacks Consensus Estimate for MLM’s 2024 sales and EPS indicates growth of 9.7% and 14%, respectively, from a year ago.
Taylor Morrison Home Corporation (TMHC - Free Report) currently carries a Zacks Rank #2 (Buy). TMHC delivered a trailing four-quarter earnings surprise of 17.5%, on average. The stock has gained 55.1% in the past year.
The Zacks Consensus Estimate for TMHC’s 2024 sales indicates growth of 0.8% while EPS indicates a decline of 6.6% from a year ago.