AIA Group Ltd Makes New $347,000 Investment in Fluor Corporation (NYSE:FLR)

Key Points

• AIA Group Ltd has made a new investment in Fluor Corporation, purchasing 9,696 shares valued at approximately $347,000 in the 1st quarter.
• Several hedge funds have increased their stakes in Fluor, with notable increases from Envestnet Asset Management (up 15.1%) and Invesco (up 23.1%) during the last quarter.
• Fluor's recent earnings report showed revenue of $3.98 billion for the quarter, missing estimates, along with a drop in EPS from $0.85 to $0.43 year-over-year.

AIA Group Ltd acquired a new position in Fluor Corporation (NYSE:FLR - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,696 shares of the construction company's stock, valued at approximately $347,000.

Several other institutional investors also recently modified their holdings of the stock. Xponance Inc. grew its position in Fluor by 1.5% during the first quarter. Xponance Inc. now owns 24,597 shares of the construction company's stock valued at $881,000 after acquiring an additional 357 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Fluor by 3.3% in the first quarter. Nisa Investment Advisors LLC now owns 11,167 shares of the construction company's stock worth $400,000 after acquiring an additional 359 shares during the period. Louisiana State Employees Retirement System lifted its stake in Fluor by 0.8% in the first quarter. Louisiana State Employees Retirement System now owns 48,000 shares of the construction company's stock worth $1,719,000 after acquiring an additional 400 shares during the period. Sterling Capital Management LLC lifted its position in Fluor by 196.2% during the fourth quarter. Sterling Capital Management LLC now owns 616 shares of the construction company's stock valued at $30,000 after buying an additional 408 shares during the period. Finally, State of Michigan Retirement System lifted its position in Fluor by 1.2% during the first quarter. State of Michigan Retirement System now owns 41,097 shares of the construction company's stock valued at $1,472,000 after buying an additional 500 shares during the period. 88.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on FLR. KeyCorp lowered Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 price target for the company. in a research report on Tuesday, July 15th. Truist Financial set a $52.00 price target on Fluor in a research report on Monday, August 4th. Robert W. Baird lowered their price target on Fluor from $55.00 to $46.00 and set a "neutral" rating for the company in a research report on Monday, August 4th. UBS Group lowered their price target on Fluor from $60.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Finally, Wall Street Zen lowered Fluor from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $49.57.

Insider Activity

In related news, Chairman David E. Constable sold 38,600 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $52.11, for a total value of $2,011,446.00. Following the completion of the sale, the chairman directly owned 792,027 shares of the company's stock, valued at approximately $41,272,526.97. This represents a 4.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Alvin C. Collins III sold 18,920 shares of the 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 sale, the insider directly owned 64,383 shares of the company's stock, valued at $2,924,919.69. This represents a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 98,320 shares of company stock valued at $4,870,182 in the last ninety days. Insiders own 1.70% of the company's stock.

Fluor Stock Performance

NYSE:FLR traded up $0.24 during mid-day trading on Friday, reaching $41.79. The company's stock had a trading volume of 4,073,290 shares, compared to its average volume of 5,194,345. Fluor Corporation has a 12-month low of $29.20 and a 12-month high of $60.10. The firm's fifty day moving average price is $49.84 and its two-hundred day moving average price is $42.36. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.18. The stock has a market cap of $6.76 billion, a P/E ratio of 1.72 and a beta of 1.43.

Fluor (NYSE:FLR - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The construction company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.16). Fluor had a net margin of 25.35% and a return on equity of 9.27%. The business had revenue of $3.98 billion for the quarter, compared to analysts' expectations of $4.55 billion. During the same period in the previous year, the company earned $0.85 EPS. Fluor's revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities analysts forecast that Fluor Corporation will post 2.5 EPS 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.