Form 4: Tutor Perini Director Michael Klein Sells Shares Prior to Retirement
SEC Form 4 Filing
Director Michael Klein sold a significant portion of his Tutor Perini shares in multiple transactions before his retirement from the Board of Directors.
Summary
- Michael Klein, a director at Tutor Perini Corporation, sold shares of common stock on May 15 and May 16, 2024.
- On May 15, 2024, he sold 181,155 shares at a weighted average price of $19.99, with prices ranging from $19.66 to $20.60.
- Following this transaction, he directly owned 208,976 shares.
- On May 16, 2024, he sold 183,750 shares at a weighted average price of $19.41, with prices ranging from $19.25 to $19.85.
- After the second transaction, he directly owned 25,226 shares.
- Klein is retiring from Tutor Perini Corporation's Board of Directors at the 2024 Annual Meeting of Shareholders on May 22, 2024.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating a director's share sales. It's neutral in sentiment, simply reporting transactions.
Industry Context
Executive share sales are common, especially around retirement. The market will likely assess the impact based on the size of the sale and the company's current performance.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Michael R Klein | TBD | 05/22/2024 | Retirement |
Stakeholder Impact
- Shareholders may react to the director's share sales, depending on their interpretation of the reasons behind the sales.
- The company will need to appoint a new director to fill the vacancy.
Key Dates
| Date | Description |
|---|---|
| 05/15/2024 | Michael Klein sold 181,155 shares of Tutor Perini common stock. |
| 05/16/2024 | Michael Klein sold 183,750 shares of Tutor Perini common stock. |
| 05/17/2024 | Date of filing of the Form 4. |
| 05/22/2024 | Michael Klein will retire from Tutor Perini Corporation's Board of Directors at the Annual Meeting of Shareholders. |
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