Bank of America Corp DE Takes $27.30 Million Position in Tutor Perini Corporation $TPC

Key Points

• Bank of America acquired a $27.3 million stake in Tutor Perini during the second quarter, purchasing 329,099 shares and taking an approximately 0.63% ownership position. Institutional investors and hedge funds collectively own 65.01% of the company.
• Tutor Perini reported strong quarterly results, with EPS of $1.74 versus the $0.67 consensus and revenue of $1.64 billion, up 19.2% year over year. The company also raised its quarterly dividend to $0.09 per share.
• Analyst sentiment improved, with UBS raising its price target to $105 and the stock receiving a consensus “Buy” rating. However, insiders sold roughly $216.8 million of shares during the quarter, including major sales by Chairman Ronald Tutor and Director Sidney Feltenstein.

Bank of America Corp DE acquired a new stake in Tutor Perini Corporation (NYSE:TPC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 329,099 shares of the construction company's stock, valued at approximately $27,305,000. Bank of America Corp DE owned about 0.63% of Tutor Perini as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Pictet Asset Management Holding SA increased its position in shares of Tutor Perini by 768.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 60,858 shares of the construction company's stock valued at $4,698,000 after acquiring an additional 53,850 shares during the period. GSA Capital Partners LLP acquired a new stake in Tutor Perini during the 2nd quarter worth about $3,085,000. Cvfg LLC acquired a new stake in Tutor Perini during the 1st quarter worth about $4,013,000. BNP Paribas Financial Markets grew its stake in Tutor Perini by 66.6% during the 4th quarter. BNP Paribas Financial Markets now owns 246,557 shares of the construction company's stock valued at $16,524,000 after purchasing an additional 98,557 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Tutor Perini by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 1,084,349 shares of the construction company's stock valued at $72,685,000 after purchasing an additional 31,467 shares during the last quarter. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Tutor Perini Stock Down 1.7%

Shares of TPC stock opened at $84.28 on Thursday. Tutor Perini Corporation has a twelve month low of $57.90 and a twelve month high of $102.30. The stock has a market cap of $4.43 billion, a P/E ratio of 36.33 and a beta of 2.06. The stock has a 50 day moving average of $88.02 and a 200 day moving average of $81.58. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.29.

Tutor Perini (NYSE:TPC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The construction company reported $1.74 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $1.07. The business had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.57 billion. Tutor Perini had a net margin of 2.08% and a return on equity of 20.95%. The business's revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the company earned $0.38 EPS. Tutor Perini has set its FY 2026 guidance at 5.150-5.450 EPS. As a group, sell-side analysts expect that Tutor Perini Corporation will post 5.39 EPS for the current year.

Tutor Perini Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Wednesday, August 19th were given a dividend of $0.09 per share. This is a boost from Tutor Perini's previous quarterly dividend of $0.06. This represents a $0.36 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, August 19th. Tutor Perini's dividend payout ratio (DPR) is 15.52%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on TPC shares. Weiss Ratings raised shares of Tutor Perini from a "sell (d-)" rating to a "hold (c+)" rating in a research report on Tuesday. Zacks Research raised shares of Tutor Perini from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 26th. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Finally, UBS Group boosted their target price on shares of Tutor Perini from $98.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Tutor Perini currently has an average rating of "Buy" and a consensus price target of $105.00.

Insider Buying and Selling at Tutor Perini

In other Tutor Perini news, Chairman Ronald Tutor sold 2,310,000 shares of Tutor Perini stock in a transaction on Monday, August 31st. The shares were sold at an average price of $85.59, for a total value of $197,712,900.00. Following the completion of the transaction, the chairman owned 701,477 shares of the company's stock, valued at approximately $60,039,416.43. The trade was a 76.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sidney Feltenstein sold 184,209 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $97.05, for a total transaction of $17,877,483.45. Following the completion of the transaction, the director owned 6,700 shares of the company's stock, valued at approximately $650,235. This trade represents a 96.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 2,507,609 shares of company stock valued at $216,823,719. Corporate insiders own 15.40% of the company's stock.

Tutor Perini Company Profile

Tutor Perini Corporation NYSE: TPC is a construction company that provides general contracting, construction management, and design-build services. Its activities span civil, building, and specialty contracting, with projects delivered for public agencies, commercial owners, and institutional clients.

The company's civil operations focus on major infrastructure, including highways, bridges, tunnels, mass-transit systems, airports, water and wastewater facilities, and utility projects.

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