Palisade Capital Management LP Purchases New Position in Fluor Corporation $FLR

Palisade Capital Management LP purchased a new position in Fluor Corporation (NYSE:FLR) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,258 shares of the construction company’s stock, valued at approximately $537,000.

Several other institutional investors also recently bought and sold shares of the business. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Fluor during the fourth quarter worth $1,350,000. Empowered Funds LLC grew its stake in Fluor by 45.2% during the 1st quarter. Empowered Funds LLC now owns 138,342 shares of the construction company’s stock valued at $6,454,000 after acquiring an additional 43,078 shares in the last quarter. State of Wyoming acquired a new stake in Fluor in the 2nd quarter valued at about $1,358,000. Energy Income Partners LLC purchased a new position in Fluor in the 2nd quarter worth approximately $5,826,000. Finally, Pacific Heights Asset Management LLC boosted its holdings in shares of Fluor by 23.1% during the 4th quarter. Pacific Heights Asset Management LLC now owns 400,000 shares of the construction company’s stock worth $15,852,000 after purchasing an additional 75,000 shares during the last quarter. 88.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group increased their price target on Fluor from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, August 10th. Zacks Research upgraded Fluor from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Robert W. Baird raised their target price on Fluor from $49.00 to $65.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Wall Street Zen raised shares of Fluor from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Citigroup upped their price objective on shares of Fluor from $56.00 to $68.00 and gave the company a “buy” rating in a report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $63.33.

Fluor Price Performance

NYSE:FLR opened at $52.08 on Thursday. Fluor Corporation has a 52 week low of $39.33 and a 52 week high of $57.93. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $6.97 billion, a P/E ratio of -4.24, a P/E/G ratio of 1.61 and a beta of 1.25. The stock’s fifty day moving average is $51.58 and its two-hundred day moving average is $49.16.

Fluor (NYSE:FLR) last released its quarterly earnings results on Friday, August 7th. The construction company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates 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 positive return on equity of 8.82% and a negative net margin of 12.85%.The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 EPS. Equities analysts expect that Fluor Corporation will post 2.66 EPS for the current year.

Insiders Place Their Bets

In other Fluor news, insider Pierre Edward Bechelany sold 5,000 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $55.24, for a total transaction of $276,200.00. Following the completion of the transaction, the insider owned 36,064 shares of the company’s stock, valued at $1,992,175.36. This trade represents a 12.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.70% of the stock is currently owned by company insiders.

Fluor Profile

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.