Nierenberg Investment Management Company Inc. Sells 22,000 Shares of Tutor Perini Corporation $TPC

Nierenberg Investment Management Company Inc. reduced its stake in shares of Tutor Perini Corporation (NYSE:TPC) by 33.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,680 shares of the construction company’s stock after selling 22,000 shares during the quarter. Tutor Perini accounts for 1.1% of Nierenberg Investment Management Company Inc.’s portfolio, making the stock its 12th largest position. Nierenberg Investment Management Company Inc. owned about 0.08% of Tutor Perini worth $2,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Quantitative Investments LLC acquired a new stake in shares of Tutor Perini during the 2nd quarter worth about $485,000. Kingsview Wealth Management LLC acquired a new position in Tutor Perini in the second quarter valued at about $426,000. Intech Investment Management LLC grew its stake in Tutor Perini by 9.0% during the second quarter. Intech Investment Management LLC now owns 30,575 shares of the construction company’s stock worth $1,430,000 after buying an additional 2,525 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Tutor Perini by 6.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,176 shares of the construction company’s stock worth $476,000 after buying an additional 639 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Tutor Perini by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,049,338 shares of the construction company’s stock worth $49,094,000 after acquiring an additional 22,210 shares in the last quarter. Institutional investors and hedge funds own 65.01% of the company’s stock.

Tutor Perini Price Performance

Shares of TPC stock opened at $60.58 on Wednesday. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -24.04 and a beta of 1.94. Tutor Perini Corporation has a 12 month low of $18.33 and a 12 month high of $77.00. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The stock has a 50-day moving average price of $64.42 and a 200 day moving average price of $52.25.

Tutor Perini (NYSE:TPC) last released its earnings results on Wednesday, November 5th. The construction company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.19. Tutor Perini had a negative net margin of 2.77% and a negative return on equity of 6.41%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the company posted ($1.92) EPS. The company’s revenue was up 30.7% compared to the same quarter last year. Tutor Perini has set its FY 2025 guidance at 4.000-4.200 EPS.

Tutor Perini Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 23rd. Shareholders of record on Tuesday, December 9th will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 9th. This represents a $0.24 annualized dividend and a dividend yield of 0.4%.

Wall Street Analyst Weigh In

TPC has been the subject of several research analyst reports. Wall Street Zen upgraded Tutor Perini from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 11th. UBS Group lifted their price target on Tutor Perini from $67.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, November 6th. B. Riley reiterated a “buy” rating on shares of Tutor Perini in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Tutor Perini in a research report on Wednesday, October 8th. Finally, Zacks Research lowered shares of Tutor Perini from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Tutor Perini presently has an average rating of “Hold” and an average price target of $66.33.

Insider Buying and Selling at Tutor Perini

In other Tutor Perini news, Chairman Ronald N. Tutor sold 83,144 shares of the stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $64.94, for a total value of $5,399,371.36. Following the transaction, the chairman owned 4,062,985 shares of the company’s stock, valued at approximately $263,850,245.90. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sidney J. Feltenstein sold 124,668 shares of the firm’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $65.96, for a total value of $8,223,101.28. Following the transaction, the director owned 187,274 shares in the company, valued at approximately $12,352,593.04. This trade represents a 39.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 725,000 shares of company stock valued at $44,824,931 in the last quarter. Corporate insiders own 17.30% of the company’s stock.

About Tutor Perini

Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies in the United States and internationally. It operates through three segments: Civil, Building, and Specialty Contractors.