Tutor Perini (NYSE:TPC) Shares Gap Up Following Dividend Announcement

Shares of Tutor Perini Corporation (NYSE:TPC) gapped up before the market opened on Tuesday following a dividend announcement from the company. The stock had previously closed at $58.76, but opened at $60.68. Tutor Perini shares last traded at $60.3020, with a volume of 75,104 shares.

The newly announced dividend which will be paid on Tuesday, December 23rd. Investors of record on Tuesday, December 9th will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 9th. This represents a $0.24 annualized dividend and a yield of 0.4%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wall Street Zen raised shares of Tutor Perini from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 11th. UBS Group boosted their target price on shares of Tutor Perini from $67.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Zacks Research cut Tutor Perini from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. B. Riley reiterated a “buy” rating on shares of Tutor Perini in a research note on Thursday, November 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Tutor Perini in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $66.33.

Tutor Perini Trading Down 0.1%

The stock has a market cap of $3.17 billion, a PE ratio of -23.86 and a beta of 1.94. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $64.38 and a two-hundred day simple moving average of $52.51.

Tutor Perini (NYSE:TPC) last posted its quarterly earnings data on Wednesday, November 5th. The construction company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.19. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the business earned ($1.92) earnings per share. Tutor Perini’s revenue for the quarter was up 30.7% compared to the same quarter last year. Tutor Perini has set its FY 2025 guidance at 4.000-4.200 EPS.

Insider Activity

In related news, Director Sidney J. Feltenstein sold 124,668 shares of the firm’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $65.96, for a total transaction of $8,223,101.28. Following the transaction, the director directly owned 187,274 shares of the company’s stock, valued at approximately $12,352,593.04. This trade represents a 39.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Ronald N. Tutor sold 83,144 shares of the business’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $64.94, for a total value of $5,399,371.36. Following the completion of the sale, the chairman owned 4,062,985 shares of the company’s stock, valued at $263,850,245.90. The trade was a 2.01% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 725,000 shares of company stock worth $44,824,931. 17.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TPC. Bank of New York Mellon Corp raised its holdings in shares of Tutor Perini by 7.6% during the first quarter. Bank of New York Mellon Corp now owns 127,546 shares of the construction company’s stock valued at $2,957,000 after acquiring an additional 9,001 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tutor Perini by 75.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,363 shares of the construction company’s stock valued at $542,000 after purchasing an additional 10,018 shares during the period. Voya Investment Management LLC raised its holdings in Tutor Perini by 70.0% in the 1st quarter. Voya Investment Management LLC now owns 22,573 shares of the construction company’s stock worth $523,000 after purchasing an additional 9,294 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in Tutor Perini in the 1st quarter worth $54,000. Finally, Victory Capital Management Inc. purchased a new stake in shares of Tutor Perini in the 1st quarter worth about $1,244,000. 65.01% of the stock is owned by hedge funds and other institutional investors.

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.