Baird Financial Group Inc. Grows Position in Fluor Corporation $FLR

Key Points

• Baird Financial Group increased its Fluor position by 8.5% in the second quarter, holding 298,924 shares valued at approximately $15.7 million. Institutional investors and hedge funds collectively own 88.07% of Fluor.
• Fluor reported quarterly EPS of $0.91, beating estimates of $0.70, while revenue rose 8.8% year over year to $4.33 billion. Analysts project full-year EPS of $2.64.
• Analyst sentiment improved, with Truist and Citigroup raising price targets and maintaining Buy ratings; however, the consensus rating remains Hold, with an average target price of $63.33.

Baird Financial Group Inc. grew its holdings in Fluor Corporation (NYSE:FLR - Free Report) by 8.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 298,924 shares of the construction company's stock after buying an additional 23,351 shares during the period. Baird Financial Group Inc. owned 0.22% of Fluor worth $15,661,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. West Family Investments Inc. acquired a new position in shares of Fluor during the 2nd quarter valued at about $206,000. Nykredit A S purchased a new position in Fluor during the second quarter worth about $217,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Fluor during the second quarter worth about $477,000. California State Teachers Retirement System boosted its holdings in Fluor by 4,306.3% in the 2nd quarter. California State Teachers Retirement System now owns 8,232,093 shares of the construction company's stock valued at $431,279,000 after purchasing an additional 8,045,269 shares during the last quarter. Finally, HB Wealth Management LLC grew its stake in shares of Fluor by 7.2% in the 2nd quarter. HB Wealth Management LLC now owns 5,191 shares of the construction company's stock valued at $272,000 after buying an additional 348 shares during the period. 88.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Truist Financial reaffirmed a "buy" rating and set a $71.00 price target (up from $64.00) on shares of Fluor in a research report on Monday, August 10th. Wall Street Zen upgraded Fluor from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Zacks Research raised Fluor from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Barclays increased their price target on Fluor from $40.00 to $50.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Finally, Citigroup boosted their price objective on shares of Fluor from $56.00 to $68.00 and gave the company a "buy" rating in a report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Fluor currently has a consensus rating of "Hold" and an average target price of $63.33.

Fluor Price Performance

Shares of FLR opened at $54.09 on Friday. Fluor Corporation has a fifty-two week low of $39.33 and a fifty-two week high of $58.35. The firm's 50 day moving average price is $52.25 and its 200 day moving average price is $49.73. The company has a market cap of $7.23 billion, a P/E ratio of -4.40, a PEG ratio of 1.71 and a beta of 1.26. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.38.

Fluor (NYSE:FLR - Get Free Report) last issued 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 company had revenue of $4.33 billion during the quarter, compared to analysts' expectations of $3.92 billion. During the same quarter last year, the company posted $0.43 EPS. The firm's revenue was up 8.8% compared to the same quarter last year. On average, research analysts forecast that Fluor Corporation will post 2.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Pierre Bechelany sold 5,000 shares of Fluor stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $55.24, for a total value of $276,200.00. Following the completion of the transaction, the insider owned 36,064 shares in the company, valued at $1,992,175.36. The trade was a 12.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.70% of the stock is currently owned by company insiders.

About Fluor

Fluor Corporation NYSE: FLR is a global engineering, procurement, construction and project management company. It provides design and construction services, program management, operations and maintenance, and other professional services for complex capital projects. Fluor serves clients in areas including energy, chemicals and petrochemicals, advanced technologies, infrastructure, mining and metals, and government and defense.

The company delivers projects across the full development cycle, from front-end engineering and design through procurement, construction, commissioning and ongoing operations.

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