Wall Street analysts are not taking kindly to recent moves by Tutor-Perini Corp., the Sylmar, Calif., contractor, that would allow its chairman and CEO, Ron Tutor, to sell off his shares, possibly to finance outside activities such as his investment stake in a Hollywood film studio, observers say. In a Sept. 13 federal filing, the firm's board agreed to allow Tutor to divest 100% of his shares as long as one buyer does not accumulate a 15% or higher ownership stake. He currently has a 25.2% stake, or 11.9 million shares.The filing says the board removed most restrictions on Tutor's
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.