Tutor Perini Corporation $TPC Stake Decreased by M&G PLC

M&G PLC trimmed its stake in Tutor Perini Corporation (NYSE:TPC) by 38.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 152,929 shares of the construction company’s stock after selling 97,142 shares during the period. M&G PLC’s holdings in Tutor Perini were worth $12,693,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in Tutor Perini by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,967 shares of the construction company’s stock valued at $1,080,000 after purchasing an additional 520 shares during the last quarter. Ethic Inc. raised its position in Tutor Perini by 76.1% in the third quarter. Ethic Inc. now owns 4,368 shares of the construction company’s stock valued at $360,000 after purchasing an additional 1,888 shares during the period. Pictet Asset Management Holding SA lifted its stake in Tutor Perini by 46.9% during the third quarter. Pictet Asset Management Holding SA now owns 335,205 shares of the construction company’s stock worth $27,661,000 after purchasing an additional 106,993 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new position in Tutor Perini during the third quarter worth $833,000. Finally, Salomon & Ludwin LLC acquired a new position in Tutor Perini during the third quarter worth $32,000. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Tutor Perini

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

Analysts Set New Price Targets

TPC has been the subject of several research analyst reports. UBS Group raised their price target on Tutor Perini from $105.00 to $107.00 and gave the stock 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 report on Monday. Wall Street Zen lowered Tutor Perini from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Zacks Research cut Tutor Perini from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Tutor Perini has a consensus rating of “Hold” and an average price target of $107.00.

Tutor Perini Trading Up 3.0%

Shares of TPC stock opened at $97.53 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.27 and a current ratio of 1.27. The stock has a market capitalization of $5.13 billion, a P/E ratio of 36.94 and a beta of 2.12. The company has a 50 day moving average price of $84.09 and a 200 day moving average price of $81.75. Tutor Perini Corporation has a fifty-two week low of $57.90 and a fifty-two week high of $102.30.

Tutor Perini (NYSE:TPC) last issued its quarterly earnings results on Wednesday, November 4th. The construction company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.34 by $0.49. The company 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%. The firm’s revenue was up 21.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.07 EPS. Equities research analysts predict that Tutor Perini Corporation will post 6.03 EPS for the current fiscal year.

Tutor Perini Announces Dividend

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

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.