Zacks Research Upgrades Fluor (NYSE:FLR) to Hold

Fluor (NYSE:FLR) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

FLR has been the subject of several other research reports. Robert W. Baird boosted their target price on Fluor from $49.00 to $65.00 and gave the stock a “neutral” rating in a research note on Monday. Barclays raised their price objective on Fluor from $40.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Fluor in a research report on Friday, August 7th. Truist Financial reissued a “buy” rating and issued a $71.00 target price (up from $64.00) on shares of Fluor in a research report on Monday. Finally, Citigroup raised their price target on Fluor from $56.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.33.

Fluor Trading Down 1.9%

NYSE FLR opened at $51.93 on Tuesday. Fluor has a 52 week low of $39.33 and a 52 week high of $57.93. The firm has a 50 day moving average of $51.01 and a two-hundred day moving average of $48.70. The stock has a market capitalization of $6.95 billion, a PE ratio of -4.23, a price-to-earnings-growth ratio of 1.66 and a beta of 1.25. The company has a quick ratio of 1.78, a current ratio of 1.80 and a debt-to-equity ratio of 0.38.

Fluor (NYSE:FLR) last released its quarterly earnings data on Friday, August 7th. The construction company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.21. The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Fluor had a negative net margin of 12.85% and a positive return on equity of 8.82%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.43 EPS. As a group, research analysts expect that Fluor will post 2.66 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Pierre Edward Bechelany sold 5,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $55.24, for a total value of $276,200.00. Following the completion of the sale, the insider owned 36,064 shares in the company, valued at approximately $1,992,175.36. This trade represents a 12.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Fluor

A number of large investors have recently modified their holdings of FLR. Starboard Value LP acquired a new position in Fluor during the fourth quarter worth $205,732,000. AQR Capital Management LLC lifted its holdings in Fluor by 163.1% in the fourth quarter. AQR Capital Management LLC now owns 5,167,676 shares of the construction company’s stock valued at $204,795,000 after acquiring an additional 3,203,712 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Fluor by 9.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,515,657 shares of the construction company’s stock worth $178,962,000 after purchasing an additional 377,985 shares in the last quarter. Rubric Capital Management LP grew its stake in shares of Fluor by 12.5% during the 3rd quarter. Rubric Capital Management LP now owns 4,500,000 shares of the construction company’s stock worth $189,315,000 after purchasing an additional 500,000 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Fluor by 0.6% in the 4th quarter. Morgan Stanley now owns 3,405,733 shares of the construction company’s stock valued at $134,969,000 after purchasing an additional 20,210 shares in the last quarter. 88.07% of the stock is owned by hedge funds and other institutional investors.

About Fluor

Fluor Corporation (NYSE: FLR) is a global engineering and construction firm that provides integrated solutions across the energy, chemicals, mining, clean energy, infrastructure and government services markets. The company’s core offerings include engineering, procurement, fabrication, construction, maintenance and project management services, with capabilities spanning feasibility studies, detailed design and turnkey delivery. Fluor’s diversified portfolio encompasses conventional oil and gas facilities, liquefied natural gas (LNG) plants, petrochemical facilities, power generation projects, transportation infrastructure and federal government programs.

Founded in 1912 by John Simon Fluor as the Fluor Construction Company in Pomona, California, the firm has grown into an industry leader headquartered in Irving, Texas.