Raymond (NS:RYMD) R. Oneglia, a director at Tutor Perini Corp (NYSE:NYSE:TPC), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Oneglia sold a total of 250,000 shares across several transactions between November 20 and November 22. The shares were sold at prices ranging from $28.66 to $28.82, amounting to a total value of approximately $7.19 million.
Following these transactions, Oneglia holds 250,000 shares indirectly through O&G Industries, Inc., where he serves as Vice Chairman and a director. Additionally, he maintains ownership of 500 shares through the Raymond R. Oneglia Spray Trust and 190,470 shares through the Raymond R. Oneglia 2023 Trust.
In other recent news, Tutor Perini Corporation held its third-quarter earnings call for 2024, discussing the company's performance and future expectations. The call, led by top executives including Chairman and CEO Ronald Tutor, President Gary Smalley, and Senior Vice President and CFO Ryan Soroka, emphasized the potential risks outlined in the company's recent SEC filings. However, specific financial performance details were not disclosed in the summary provided.
The management team's forward-looking statements were based on current trends and information, but they also highlighted the inherent risks that may cause actual results to differ materially from expectations. During the Q&A session, participants had the opportunity to engage with management regarding the company's results and future plans.
These are recent developments for Tutor Perini, and investors are encouraged to review the company's SEC filings, specifically Form 10-K filed on February 28, 2024, and the Form 10-Q filed on the same day, for a more detailed understanding of the potential risks and uncertainties that may impact the company's performance.
InvestingPro Insights
While Raymond R. Oneglia's recent sale of Tutor Perini Corp (NYSE:TPC) shares is noteworthy, it's important to consider the broader financial context of the company. According to InvestingPro data, Tutor Perini's market capitalization stands at $1.51 billion, reflecting its position in the construction industry.
Despite the director's sale, TPC has shown impressive stock performance. InvestingPro Tips highlight that the company has delivered a strong return over the last year, with a remarkable 250.37% price total return over the past 12 months. This substantial gain suggests investor confidence in the company's prospects, potentially influenced by factors beyond individual insider transactions.
Furthermore, an InvestingPro Tip indicates that net income is expected to grow this year, which could be a positive sign for the company's financial health. This expectation of profitability aligns with another tip stating that analysts predict the company will be profitable this year, despite not being profitable over the last twelve months.
It's worth noting that TPC's stock has demonstrated significant momentum, with a 36.85% price total return over the past six months. This upward trend may have influenced Oneglia's decision to sell a portion of his holdings.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 12 more tips available for Tutor Perini Corp. These tips can provide a deeper understanding of the company's financial position and market performance, helping to contextualize insider transactions like Oneglia's recent sale.
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