Pinnacle Associates Ltd. Sells 13,249 Shares of Tutor Perini Corporation $TPC

Key Points

• Pinnacle Associates Ltd. reduced its Tutor Perini stake by 5.6% in the fourth quarter, selling 13,249 shares and leaving it with 222,152 shares worth about $14.9 million.
• Tutor Perini reported better-than-expected quarterly earnings of $1.03 per share, topping estimates, while revenue rose 11.5% year over year to $1.39 billion even though it missed revenue expectations.
• The company recently announced a quarterly dividend of $0.06 per share, and insider buying has been notable, including purchases by CEO Gary G. Smalley and Director Peter Arkley.

Pinnacle Associates Ltd. trimmed its position in Tutor Perini Corporation (NYSE:TPC - Free Report) by 5.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 222,152 shares of the construction company's stock after selling 13,249 shares during the quarter. Pinnacle Associates Ltd. owned 0.42% of Tutor Perini worth $14,889,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in TPC. Comerica Bank lifted its holdings in shares of Tutor Perini by 30.7% in the 1st quarter. Comerica Bank now owns 2,423 shares of the construction company's stock worth $56,000 after buying an additional 569 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Tutor Perini by 42.0% in the 1st quarter. AQR Capital Management LLC now owns 183,267 shares of the construction company's stock worth $4,248,000 after buying an additional 54,204 shares during the period. Millennium Management LLC lifted its holdings in shares of Tutor Perini by 165.2% in the 1st quarter. Millennium Management LLC now owns 383,530 shares of the construction company's stock worth $8,890,000 after buying an additional 238,933 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Tutor Perini by 13.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 580,821 shares of the construction company's stock worth $13,463,000 after buying an additional 69,489 shares during the period. Finally, Norges Bank purchased a new stake in shares of Tutor Perini in the 2nd quarter worth $691,000. 65.01% of the stock is currently owned by hedge funds and other institutional investors.

Tutor Perini Trading Down 2.5%

Tutor Perini stock opened at $80.60 on Thursday. The stock has a 50-day moving average of $79.30 and a two-hundred day moving average of $74.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.28 and a current ratio of 1.28. Tutor Perini Corporation has a one year low of $34.32 and a one year high of $100.00. The stock has a market cap of $4.24 billion, a PE ratio of 54.83 and a beta of 2.18.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.07. Tutor Perini had a return on equity of 19.92% and a net margin of 1.37%.The company had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.44 billion. During the same period last year, the business posted $0.65 earnings per share. The firm's revenue was up 11.5% compared to the same quarter last year. Tutor Perini has set its FY 2026 guidance at 4.900-5.300 EPS. On average, research analysts anticipate that Tutor Perini Corporation will post 5.18 EPS for the current fiscal year.

Tutor Perini Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. Tutor Perini's dividend payout ratio is currently 16.33%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen cut Tutor Perini from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 9th. UBS Group upped their target price on Tutor Perini from $86.00 to $98.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Tutor Perini in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $86.50.

Insider Transactions at Tutor Perini

In other news, CEO Gary G. Smalley acquired 10,000 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were acquired at an average cost of $73.24 per share, with a total value of $732,400.00. Following the completion of the acquisition, the chief executive officer owned 91,479 shares of the company's stock, valued at approximately $6,699,921.96. This trade represents a 12.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Peter Arkley acquired 10,999 shares of the business's stock in a transaction dated Thursday, March 5th. The stock was purchased at an average cost of $72.44 per share, for a total transaction of $796,767.56. Following the completion of the acquisition, the director directly owned 208,600 shares of the company's stock, valued at approximately $15,110,984. This trade represents a 5.57% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 35,000 shares of company stock worth $2,556,404 over the last three months. Corporate insiders own 15.40% of the company's stock.

Tutor Perini Company Profile

Tutor Perini Corporation is a leading U.S. construction company that provides diversified general contracting, construction management and design-build services to private clients and public agencies. The company operates through three principal market segments—Civil, Building and Specialty Contractors—serving a broad range of infrastructure and vertical construction needs.

In its Civil segment, Tutor Perini delivers heavy civil infrastructure projects including highways and bridges, water management, dams, tunnels and rail systems.

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