Tutor Perini Corporation $TPC Stake Lifted by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its stake in Tutor Perini Corporation (NYSE:TPC) by 46.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 335,205 shares of the construction company’s stock after acquiring an additional 106,993 shares during the period. Pictet Asset Management Holding SA’s holdings in Tutor Perini were worth $27,661,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TPC. BlackRock Inc. purchased a new stake in Tutor Perini in the second quarter valued at $358,248,000. Dimensional Fund Advisors LP grew its holdings in shares of Tutor Perini by 0.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,732,254 shares of the construction company’s stock worth $133,697,000 after purchasing an additional 12,573 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Tutor Perini by 32.7% during the first quarter. First Trust Advisors LP now owns 1,358,899 shares of the construction company’s stock worth $104,893,000 after purchasing an additional 334,632 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Tutor Perini during the first quarter worth about $59,754,000. Finally, Donald Smith & CO. Inc. acquired a new stake in shares of Tutor Perini during the second quarter worth about $40,407,000. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Tutor Perini Stock Performance

Shares of Tutor Perini stock opened at $101.25 on Thursday. The firm’s fifty day simple moving average is $84.39 and its 200-day simple moving average is $81.87. Tutor Perini Corporation has a 12 month low of $57.90 and a 12 month high of $102.30. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 38.35 and a beta of 2.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.27 and a quick ratio of 1.27.

Tutor Perini (NYSE:TPC) last issued its quarterly earnings results on Wednesday, November 4th. The construction company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.49. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Tutor Perini had a net margin of 2.25% and a return on equity of 23.19%. Tutor Perini’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.07 EPS. As a group, equities analysts forecast that Tutor Perini Corporation will post 6.03 earnings per share for the current year.

Tutor Perini Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Thursday, November 19th will be paid a $0.09 dividend. The ex-dividend date is Thursday, November 19th. This represents a $0.36 dividend on an annualized basis and a yield of 0.4%. Tutor Perini’s payout ratio is currently 13.64%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Wall Street Zen downgraded Tutor Perini from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 7th. UBS Group upped their target price on Tutor Perini from $105.00 to $107.00 and gave the company a “buy” rating in a research report on Thursday, November 5th. Weiss Ratings upgraded Tutor Perini from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday. Finally, Zacks Research downgraded Tutor Perini from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Tutor Perini currently has a consensus rating of “Hold” and a consensus price target of $107.00.

Insider Transactions at Tutor Perini

In related news, Director Dale Reiss sold 13,400 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $92.04, for a total transaction of $1,233,336.00. Following the transaction, the director owned 31,203 shares of the company’s stock, valued at $2,871,924.12. This trade represents a 30.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Ronald N. Tutor sold 2,310,000 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $85.59, for a total value of $197,712,900.00. Following the transaction, the chairman directly owned 701,477 shares in the company, valued at approximately $60,039,416.43. This represents a 76.71% decrease in their position. The SEC filing for this sale provides additional information. 15.40% of the stock is currently owned by corporate insiders.

Tutor Perini Company Profile

Tutor Perini Corporation is a construction company that provides general contracting, construction management, and design-build services. Its work spans civil infrastructure, building construction, and specialty contracting, with projects for public agencies and private-sector clients. The company’s civil projects include transportation and infrastructure such as highways, bridges, tunnels, and transit systems. Its building work includes facilities for sectors such as healthcare, government, hospitality, and gaming, while its specialty contractors provide services including concrete, electrical, and mechanical construction.