Boston Partners has significantly reduced its holdings in Tutor Perini Corporation (NYSE:TPC) by 45.7% during the second quarter of 2023. According to the firm’s most recent Form 13F filing with the Securities and Exchange Commission (SEC), Boston Partners now owns 503,586 shares of the construction company after selling 424,678 shares during the reporting period. As of the end of the quarter, the value of Boston Partners’ stake was approximately $23.56 million, representing about 0.95% of Tutor Perini.
Several other institutional investors have also adjusted their positions in Tutor Perini. Notably, Donald Smith & CO. Inc. increased its stake by 16.8% in the first quarter, acquiring an additional 580,963 shares for a total of 4,031,220 shares, valued at $93.44 million. Vanguard Group Inc. raised its holdings by 4.8%, now owning 2,829,370 shares worth $65.59 million. Similarly, Geode Capital Management LLC and American Century Companies Inc. boosted their stakes by 2.2% and 24.5%, respectively.
As of now, institutional investors and hedge funds collectively own 65.01% of Tutor Perini’s stock. The company’s shares opened at $68.55 on the New York Stock Exchange, reflecting a market capitalization of $3.62 billion. Tutor Perini’s performance metrics include a price-to-earnings (P/E) ratio of -27.20 and a beta of 1.94, indicating higher volatility compared to the broader market.
Recent Financial Performance and Dividend Declaration
On November 5, 2023, Tutor Perini released its quarterly earnings report, revealing earnings per share of $1.15, surpassing analysts’ expectations of $0.96 by $0.19. The company generated revenue of $1.42 billion, exceeding the consensus estimate of $1.38 billion and marking a 30.7% increase compared to the same quarter last year.
In addition to its financial results, Tutor Perini announced a quarterly dividend of $0.06 per share, scheduled for payment on December 23, 2023. Shareholders of record as of December 9, 2023, will receive this dividend, equating to an annualized yield of 0.4%.
Insider Activity and Analyst Ratings
In related news, significant insider trading occurred recently. Director Sidney J. Feltenstein sold 124,668 shares on September 18, 2023, at an average price of $65.96, totaling approximately $8.22 million. This sale reduced Feltenstein’s ownership to 187,274 shares, valued at about $12.35 million. Meanwhile, Director Peter Arkley bought 15,147 shares on November 25, 2023, at an average price of $64.39, increasing his position to 191,717 shares.
Analysts have mixed views on Tutor Perini’s stock. Zacks Research downgraded the company from a “strong-buy” rating to a “hold” rating, while UBS Group raised its price target from $67.00 to $86.00, maintaining a “buy” rating. Currently, three analysts rate the stock as a “buy,” one as a “hold,” and one as a “sell.” According to MarketBeat, Tutor Perini holds a consensus rating of “hold” with an average price target of $66.33.
Tutor Perini Corporation continues to operate through its three primary segments: Civil, Building, and Specialty Contractors, providing a range of general contracting, construction management, and design-build services to both private customers and public agencies on domestic and international projects.
