Michael R. Klein, a director of Tutor Perini Corp (NYSE:TPC), a leading construction company, has sold a significant amount of company stock totaling over $7.1 million. The transactions occurred shortly before his planned retirement from the board.
According to recent filings, Klein sold 181,155 shares on May 15 at an average price of $19.99 and 183,750 shares on May 16 at an average price of $19.41. The sales were executed in multiple transactions with prices ranging from $19.25 to $20.60 per share. Following these transactions, Klein continues to own 25,226 shares of Tutor Perini Corp.
The sales come as Klein prepares to retire from the board at the company's annual meeting of shareholders on May 22, 2024, as previously disclosed. The timing of these sales and the upcoming retirement may be of interest to investors monitoring insider activity within the company.
Tutor Perini Corp, headquartered in Sylmar, California, is known for its work in the construction sector, particularly in nonresidential building projects. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol TPC.
Investors and shareholders of Tutor Perini Corp can request more detailed information about the exact number of shares sold at each price point within the reported range from the company.
InvestingPro Insights
As Tutor Perini Corp (NYSE:TPC) navigates through a period of insider transactions and board transitions, investors are keenly observing the company's financial health and market performance. In light of recent events, several metrics and tips from InvestingPro provide a deeper look into the company's current standing.
From a valuation standpoint, Tutor Perini's market capitalization stands at $1.03 billion, reflecting the size and scale of the company within the construction industry. Despite the negative perception that might arise from insider sales, the company's revenue growth is robust. The last twelve months as of Q1 2024 show a significant increase in revenue, up by 14.88%, with an even more impressive quarterly growth rate of 35.13%.
InvestingPro Tips suggest that Tutor Perini has a high shareholder yield and is expected to see net income growth this year. This could signal confidence in the company's ability to generate profits and provide value to its shareholders, even as a director exits the scene. Additionally, the stock has had a strong return over the last year, with a 247.7% price total return, which could be a reflection of market confidence in the company's performance and future prospects.
However, it's important to note that the company's gross profit margins appear weak at 6.74%, and the stock has been identified as volatile. The P/E ratio, sitting at -9.69, indicates that the market currently values the company's earnings negatively, which could be a concern for potential investors.
For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/TPC . With the use of coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights into Tutor Perini Corp's financials and market performance.
As Tutor Perini Corp continues to make headlines with its insider activity and corporate developments, these InvestingPro Insights can help investors make more informed decisions.
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