Jennison Associates LLC Makes New Investment in Fluor Corporation (NYSE:FLR)

Jennison Associates LLC bought a new position in shares of Fluor Corporation (NYSE:FLR - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,747 shares of the construction company's stock, valued at approximately $815,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its holdings in shares of Fluor by 196.2% in the fourth quarter. Sterling Capital Management LLC now owns 616 shares of the construction company's stock valued at $30,000 after purchasing an additional 408 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Fluor by 222.9% during the first quarter. SBI Securities Co. Ltd. now owns 1,101 shares of the construction company's stock valued at $39,000 after buying an additional 760 shares during the period. Versant Capital Management Inc raised its stake in Fluor by 121.5% during the first quarter. Versant Capital Management Inc now owns 1,214 shares of the construction company's stock worth $43,000 after purchasing an additional 666 shares during the period. Golden State Wealth Management LLC raised its stake in Fluor by 104.6% during the first quarter. Golden State Wealth Management LLC now owns 1,371 shares of the construction company's stock worth $49,000 after purchasing an additional 701 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of Fluor by 77.8% in the first quarter. Parallel Advisors LLC now owns 2,813 shares of the construction company's stock worth $101,000 after acquiring an additional 1,231 shares in the last quarter. 88.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Chairman David E. Constable sold 40,800 shares of Fluor stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $49.00, for a total value of $1,999,200.00. Following the transaction, the chairman owned 870,627 shares of the company's stock, valued at $42,660,723. The trade was a 4.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Alvin C. Collins III sold 18,920 shares of Fluor stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $45.43, for a total transaction of $859,535.60. Following the completion of the transaction, the insider directly owned 64,383 shares in the company, valued at $2,924,919.69. This represents a 22.71% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 98,320 shares of company stock worth $4,870,182. 1.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FLR has been the subject of several recent research reports. Citigroup dropped their price objective on shares of Fluor from $55.00 to $46.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Truist Financial raised their price target on shares of Fluor from $47.00 to $59.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. UBS Group reiterated a "buy" rating and set a $60.00 price objective (up from $48.00) on shares of Fluor in a research note on Tuesday, June 24th. KeyCorp downgraded shares of Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 price objective on the stock. in a research note on Tuesday, July 15th. Finally, Robert W. Baird raised their price target on shares of Fluor from $41.00 to $55.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $50.86.

Fluor Stock Performance

NYSE:FLR traded down $0.13 during mid-day trading on Thursday, hitting $55.51. The stock had a trading volume of 1,786,377 shares, compared to its average volume of 3,330,764. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 5.34, a P/E/G ratio of 2.59 and a beta of 1.34. The company has a 50 day simple moving average of $47.40 and a 200-day simple moving average of $42.65. Fluor Corporation has a 52 week low of $29.20 and a 52 week high of $60.10. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.30.

Fluor (NYSE:FLR - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The construction company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.23. The firm had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $4.27 billion. Fluor had a net margin of 11.13% and a return on equity of 14.59%. Fluor's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $0.47 EPS. On average, research analysts expect that Fluor Corporation will post 2.5 earnings per share for the current fiscal year.

Fluor Company Profile

Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; operation and maintenance; asset integrity; and project management services worldwide. The company operates through Energy Solutions, Urban Solutions, Mission Solutions, and Other segments. The Energy Solutions segment provides solutions to the energy transition markets, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power, and other low-carbon energy sources.