Tutor Perini Corporation $TPC Position Trimmed by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Tutor Perini stake by 72.2% in the third quarter, selling 21,819 shares and retaining 8,392 shares valued at approximately $693,000. Institutional investors 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 from $0.06 to $0.09 per share.
• Shares opened at $76.82, down 4.2%, while insiders sold more than 2.5 million shares worth $216.8 million over the past 90 days. Analysts maintain a “Moderate Buy” consensus with an average price target of $105.

Assenagon Asset Management S.A. decreased its holdings in shares of Tutor Perini Corporation (NYSE:TPC - Free Report) by 72.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,392 shares of the construction company's stock after selling 21,819 shares during the period. Assenagon Asset Management S.A.'s holdings in Tutor Perini were worth $693,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Tutor Perini during the second quarter valued at $358,248,000. Principal Financial Group Inc. bought a new stake in Tutor Perini in the first quarter worth $59,754,000. Donald Smith & CO. Inc. purchased a new stake in shares of Tutor Perini in the second quarter worth $40,407,000. Copeland Capital Management LLC purchased a new stake in shares of Tutor Perini in the third quarter worth $30,446,000. Finally, First Trust Advisors LP increased 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 valued at $104,893,000 after acquiring an additional 334,632 shares in the last quarter. 65.01% of the stock is currently owned by hedge funds and other institutional investors.

Tutor Perini Trading Down 4.2%

Shares of NYSE:TPC opened at $76.82 on Friday. The stock's 50-day simple moving average is $85.96 and its two-hundred day simple moving average is $82.94. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of 33.11 and a beta of 2.06. Tutor Perini Corporation has a 52-week low of $57.90 and a 52-week high of $102.30. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.29 and a current ratio of 1.29.

Tutor Perini (NYSE:TPC - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $1.74 EPS for the quarter, beating the consensus estimate of $0.67 by $1.07. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates 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 for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.38 EPS. Tutor Perini has set its FY 2026 guidance at 5.150-5.450 EPS. Analysts expect that Tutor Perini Corporation will post 5.39 EPS for the current year.

Tutor Perini Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Wednesday, August 19th were given a $0.09 dividend. The ex-dividend date was Wednesday, August 19th. 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 0.5%. Tutor Perini's payout ratio is 15.52%.

Insiders Place Their Bets

In other news, Chairman Ronald N. Tutor sold 2,310,000 shares of Tutor Perini stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sidney J. Feltenstein sold 184,209 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $97.05, for a total value of $17,877,483.45. Following 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 2,507,609 shares of company stock worth $216,823,719. Company insiders own 15.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on TPC. Weiss Ratings upgraded Tutor Perini from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Zacks Research cut shares of Tutor Perini from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Wall Street Zen raised shares of Tutor Perini from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Finally, UBS Group raised their price objective on shares of Tutor Perini from $98.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $105.00.

Tutor Perini Company Profile

Tutor Perini Corporation NYSE: TPC is a construction company that provides general contracting, construction management, and design-build services. Its operations are organized around civil, building, and specialty contracting activities, serving public agencies, private developers, and other institutional customers.

The company's civil construction work includes major infrastructure such as highways, bridges, tunnels, mass-transit systems, airports, water and wastewater facilities, and other transportation and utility projects.

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