Fluor (NYSE:FLR) Shares Down 7.8% – Here’s What Happened

Fluor Corporation (NYSE:FLR)’s share price dropped 7.8% during mid-day trading on Monday . The stock traded as low as $52.88 and last traded at $52.5770. Approximately 2,485,846 shares traded hands during trading, a decline of 8% from the average session volume of 2,713,595 shares. The stock had previously closed at $57.00.

Analysts Set New Price Targets

Several equities research analysts have recently commented on FLR shares. Citigroup boosted their target price on shares of Fluor from $56.00 to $68.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial reiterated a “buy” rating and set a $71.00 target price (up from $64.00) on shares of Fluor in a research report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Fluor in a research report on Friday. Barclays raised their price objective on shares of Fluor from $40.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Robert W. Baird increased their price target on Fluor from $49.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $63.33.

Fluor Stock Performance

The stock’s 50 day simple moving average is $50.78 and its two-hundred day simple moving average is $48.53. The company has a market capitalization of $7.36 billion, a P/E ratio of -4.27, a P/E/G ratio of 1.81 and a beta of 1.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.80 and a quick ratio of 1.78.

Fluor (NYSE:FLR) last released its quarterly earnings results on Friday, August 7th. The construction company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.70 by $0.21. Fluor had a negative net margin of 12.85% and a positive return on equity of 8.82%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the prior year, the firm earned $0.43 earnings per share. Fluor’s revenue was up 8.8% compared to the same quarter last year. As a group, research analysts expect that Fluor Corporation will post 2.63 earnings per share for the current year.

Institutional Investors Weigh In On Fluor

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

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.