Tutor Perini Corporation $TPC Stock Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its position in Tutor Perini Corporation (NYSE:TPC) by 46.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 335,205 shares of the construction company’s stock after purchasing an additional 106,993 shares during the quarter. Pictet Asset Management Holding SA owned 0.64% of Tutor Perini worth $27,661,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TPC. Oregon Public Employees Retirement Fund acquired a new stake in shares of Tutor Perini during the third quarter worth about $833,000. Salomon & Ludwin LLC acquired a new position in shares of Tutor Perini in the third quarter valued at approximately $32,000. ProShare Advisors LLC increased its stake in Tutor Perini by 4.6% during the 3rd quarter. ProShare Advisors LLC now owns 6,283 shares of the construction company’s stock worth $518,000 after buying an additional 277 shares during the period. Pinnacle Wealth Planning Services Inc. purchased a new stake in Tutor Perini during the 3rd quarter worth approximately $136,000. Finally, Asset Management One Co. Ltd. increased its stake in Tutor Perini by 7.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 50,278 shares of the construction company’s stock worth $4,149,000 after buying an additional 3,593 shares during the period. 65.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TPC. Zacks Research downgraded Tutor Perini from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Wall Street Zen cut Tutor Perini from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 7th. UBS Group boosted their price objective on Tutor Perini from $105.00 to $107.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Finally, Weiss Ratings upgraded shares of Tutor Perini from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $107.00.

Insider Activity

In other news, Director Dale Reiss sold 13,400 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $92.04, for a total transaction of $1,233,336.00. Following the sale, the director owned 31,203 shares of the company’s stock, valued at approximately $2,871,924.12. This trade represents a 30.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Ronald N. Tutor sold 2,310,000 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $85.59, for a total value of $197,712,900.00. Following the sale, 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 position. The SEC filing for this sale provides additional information. Corporate insiders own 15.40% of the company’s stock.

Tutor Perini Price Performance

Shares of TPC opened at $101.25 on Thursday. Tutor Perini Corporation has a twelve month low of $57.90 and a twelve month high of $102.30. The firm’s fifty day simple moving average is $84.39 and its 200-day simple moving average is $81.87. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of 38.35 and a beta of 2.12. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.29.

Tutor Perini (NYSE:TPC) last issued its earnings results on Wednesday, November 4th. The construction company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.49. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.63 billion. Tutor Perini had a net margin of 2.25% and a return on equity of 23.19%. The company’s revenue was up 21.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 earnings per share. Equities analysts forecast that Tutor Perini Corporation will post 6.03 EPS for the current fiscal year.

Tutor Perini Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Thursday, November 19th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Thursday, November 19th. Tutor Perini’s dividend payout ratio is currently 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.