Ieq Capital LLC Makes New Investment in Fluor Corporation $FLR

Ieq Capital LLC purchased a new stake in Fluor Corporation (NYSE:FLR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 128,883 shares of the construction company’s stock, valued at approximately $6,752,000. Ieq Capital LLC owned about 0.10% of Fluor at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Starboard Value LP acquired a new position in Fluor during the fourth quarter valued at approximately $205,732,000. Rubric Capital Management LP acquired a new stake in Fluor in the second quarter worth $205,080,000. AQR Capital Management LLC boosted its position in shares of Fluor by 163.1% during the fourth 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 in the last quarter. Sourcerock Group LLC bought a new position in shares of Fluor during the second quarter worth $85,327,000. Finally, Maverick Capital Ltd. acquired a new position in shares of Fluor in the 1st quarter valued at $66,036,000. 88.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on FLR shares. Robert W. Baird raised their price objective on Fluor from $49.00 to $65.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Truist Financial reissued a “buy” rating and issued a $71.00 target price (up from $64.00) on shares of Fluor in a research note on Monday, August 10th. Citigroup increased their price target on Fluor from $56.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Barclays raised their price target on Fluor from $40.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Finally, Wall Street Zen upgraded Fluor from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fluor has a consensus rating of “Hold” and a consensus target price of $63.33.

Insider Activity

In related news, insider Pierre Edward Bechelany sold 5,000 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $55.24, for a total transaction of $276,200.00. Following the completion of the transaction, the insider directly owned 36,064 shares in the company, valued at approximately $1,992,175.36. This trade represents a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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.

Fluor Trading Down 0.2%

FLR opened at $52.30 on Monday. The stock has a market capitalization of $6.99 billion, a P/E ratio of -4.26, a P/E/G ratio of 1.65 and a beta of 1.25. Fluor Corporation has a 12 month low of $39.33 and a 12 month high of $57.93. The firm’s fifty day simple moving average is $51.54 and its 200 day simple moving average is $49.04. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.38.

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

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.