Construction firm Tutor Perini jumps on S&P SmallCap inclusion
TPC•Tutor Perini rises on expected S&P SmallCap 600 addition
Infrastructure contractor Tutor Perini's TPC.N shares were up 6.7% before the bell on Tuesday at $85.93 as the company was poised to join the S&P SmallCap 600 index .SPCY.
TPC is set to replace Krystal Biotech KRYS.O in the index effective Friday, July 24, S&P Dow Jones Indices said late Monday.
KRYS is migrating to the S&P MidCap 400 index .IDX to replace homebuilder Taylor Morrison TMHC.N, which is being acquired by Berkshire Hathaway BRKa.N.
Shares of KRYS were up 0.2% at $340.06 before the bell.
Stephens analyst Melissa Roberts said in a note she expects passive funds will need to buy 6 million TPC shares, which implies about 11 days of buying demand.
Sylmar, California-based TPC has about 52.6 million shares outstanding for a $4.2 billion market cap.
At Monday's close, TPC stock was up 20% year to date.
All five brokerages covering the stock are bullish and their median price target is $118, according to LSEG data.
