New York-based JB Capital Partners cut its holding in Tutor Perini (TPC 1.30%) by 175,000 shares in the third quarter, reducing exposure by approximately $5.35 million, according to a November 13 SEC filing.
What Happened
According to a U.S. Securities and Exchange Commission (SEC) filing dated November 13, JB Capital Partners LP reduced its stake in Tutor Perini (TPC 1.30%) during the third quarter. The fund cut its position by 175,000 shares, with the remaining investment standing at 719,554 shares valued at $47.20 million as of September 30.
What Else to Know
Tutor Perini now represents 8% of JB Capital Partners LP's 13F AUM, ranking as the fund's third-largest holding.
Top holdings after the filing:
- NASDAQ:RDNT: $108.53 million (18.6% of AUM)
- NYSE:RYI: $48.58 million (8.3% of AUM)
- NYSE:TPC: $47.20 million (8.1% of AUM)
- NYSE:CNR: $38.97 million (6.7% of AUM)
- NYSE:OPY: $37.25 million (6.4% of AUM)
As of Friday, TPC shares were priced at $69.54, up a staggering 183.5% over the past year and well outperforming the S&P 500, which is instead up about 15% in the same
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $5.10 billion |
| Net Income (TTM) | ($27.83 million) |
| Market Capitalization | $3.66 billion |
| Price (as of Friday) | $69.54 |
Company Snapshot
- Tutor Perini offers general contracting, construction management, and design-build services across civil, building, and specialty contractor segments, with key revenue from large-scale infrastructure, commercial, and specialty systems projects.
- The company operates a project-based business model, generating revenue through long-term contracts for public works, infrastructure, and complex building developments, as well as specialty electrical, mechanical, and HVAC services.
- It serves a diversified client base including public agencies, private corporations, and institutional customers in sectors such as transportation, government, healthcare, hospitality, and industrial markets.
Tutor Perini is a leading provider of diversified construction services with a strong presence in large-scale civil and building projects. The company's integrated approach and expertise in complex project delivery enable it to compete for major contracts across public and private sectors. Its broad capabilities and long-standing client relationships support its position as a key player in the engineering and construction industry.
Foolish Take
For long-term investors, the most interesting signal here is not the trim itself but what it says about Tutor Perini’s transformation. This is no longer a turnaround story fueled by hope. It is increasingly a cash flow and execution story, and that changes how serious money behaves.
Tutor Perini just posted one of the strongest quarters in its history. Third-quarter revenue jumped 31% year over year to $1.42 billion, operating cash flow hit a record $289 million, and backlog climbed to an all-time high of $21.6 billion. Management raised full-year adjusted EPS guidance again to $4.00 to $4.20 and signaled confidence that 2026 and 2027 earnings will be meaningfully higher.
At the same time, the stock is up more than 180% in a year, and when a position becomes the third-largest holding in a concentrated portfolio, trimming is less about doubt and more about risk management. JB Capital still keeps Tutor Perini near the top of its book alongside other cyclical and event-driven names, suggesting continued belief in the multi-year earnings runway.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their equity holdings.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm on behalf of clients.
Exposure: The amount of capital or percentage of a portfolio invested in a specific asset, sector, or market.
Position: The amount of a particular security or asset held in a portfolio, either long or short.
Post-trade holding: The number of shares or value of a security remaining in a portfolio after a transaction is completed.
Outperforming: Achieving a higher return compared to a specific benchmark or index over a given period.
Project-based business model: A business structure where revenue is generated primarily through individual projects rather than ongoing services or products.
Design-build services: A construction approach where a single entity is responsible for both designing and building a project.
Specialty contractor: A contractor focused on specialized construction services, such as electrical, mechanical, or HVAC systems.
Public works: Government-funded infrastructure projects, such as roads, bridges, or public buildings.
Institutional customers: Large organizations, such as governments, corporations, or nonprofits, that purchase goods or services in significant quantities.
TTM: The 12-month period ending with the most recent quarterly report.
