Fluor Corporation (FLR) Shares Up 6.6% Following Earnings Beat
Fluor Corporation (NYSE:FLR) shot up 6.6% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $46.94 and last traded at $46.86. 2,712,342 shares changed hands during mid-day trading, an increase of 102% from the average session volume of 1,340,185 shares. The stock had previously closed at $43.94.
The construction company reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.09. Fluor Corporation had a net margin of 1.03% and a return on equity of 11.81%. The company had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $4.73 billion. During the same quarter last year, the company posted $0.03 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Tuesday, December 5th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, December 4th. This represents a $0.84 annualized dividend and a dividend yield of 1.79%. Fluor Corporation’s dividend payout ratio (DPR) is currently 58.74%.
Several equities research analysts have recently issued reports on FLR shares. BidaskClub cut shares of Fluor Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Deutsche Bank AG cut shares of Fluor Corporation from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $55.00 to $40.00 in a research report on Friday, August 4th. DA Davidson cut shares of Fluor Corporation from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $55.00 to $48.00 in a research report on Friday, August 4th. Canaccord Genuity set a $48.00 price objective on shares of Fluor Corporation and gave the stock a “buy” rating in a research report on Sunday, August 6th. Finally, Johnson Rice cut shares of Fluor Corporation from a “buy” rating to an “accumulate” rating and decreased their price objective for the stock from $62.00 to $48.00 in a research report on Monday, August 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. Fluor Corporation presently has a consensus rating of “Hold” and an average price target of $46.92.
A number of large investors have recently made changes to their positions in the stock. FDx Advisors Inc. raised its stake in Fluor Corporation by 24.3% during the 3rd quarter. FDx Advisors Inc. now owns 8,510 shares of the construction company’s stock worth $358,000 after acquiring an additional 1,666 shares in the last quarter. Global X MANAGEMENT CO LLC raised its stake in Fluor Corporation by 22.9% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 15,377 shares of the construction company’s stock worth $647,000 after acquiring an additional 2,867 shares in the last quarter. Swiss National Bank raised its stake in Fluor Corporation by 1.4% during the 3rd quarter. Swiss National Bank now owns 514,722 shares of the construction company’s stock worth $21,670,000 after acquiring an additional 7,000 shares in the last quarter. Bank of Hawaii acquired a new stake in Fluor Corporation during the 3rd quarter worth $341,000. Finally, Investment Counselors of Maryland LLC raised its stake in Fluor Corporation by 73.6% during the 3rd quarter. Investment Counselors of Maryland LLC now owns 5,736 shares of the construction company’s stock worth $241,000 after acquiring an additional 2,431 shares in the last quarter. Hedge funds and other institutional investors own 84.41% of the company’s stock.
The stock has a market capitalization of $6.22 billion, a P/E ratio of 15.99 and a beta of 1.42.
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Fluor Corporation Company Profile
Fluor Corporation (Fluor) is a holding company. The Company operates its business in four segments: Energy, Chemicals & Mining; Industrial, Infrastructure & Power; Government, and Maintenance, Modification & Asset Integrity (MMAI). The Company, through its subsidiaries, offers professional services providing engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, as well as project management services on a global basis.
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