California Public Employees Retirement System Sells 29,983 Shares of Fluor Corporation $FLR

Key Points

• CalPERS reduced its Fluor stake by 9.4% in the first quarter, selling 29,983 shares and leaving it with 288,316 shares valued at about $13.45 million.
• Fluor reported weaker-than-expected quarterly results, posting EPS of $0.14 versus the $0.66 consensus and revenue of $3.66 billion versus $3.89 billion expected. Revenue also declined 8% year over year.
• Analyst sentiment remains mixed: the stock has a consensus rating of “Hold” with an average price target of $57.20, while recent moves included both higher targets from Truist and Citigroup and a downgrade from Zacks Research.

California Public Employees Retirement System cut its position in shares of Fluor Corporation (NYSE:FLR - Free Report) by 9.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 288,316 shares of the construction company's stock after selling 29,983 shares during the quarter. California Public Employees Retirement System owned about 0.20% of Fluor worth $13,450,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FLR. Global Retirement Partners LLC increased its stake in shares of Fluor by 91.7% in the 4th quarter. Global Retirement Partners LLC now owns 650 shares of the construction company's stock worth $26,000 after acquiring an additional 311 shares in the last quarter. Assetmark Inc. grew its stake in shares of Fluor by 249.0% in the 4th quarter. Assetmark Inc. now owns 677 shares of the construction company's stock worth $27,000 after buying an additional 483 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Fluor during the 4th quarter valued at approximately $27,000. Larson Financial Group LLC boosted its holdings in Fluor by 6,116.7% in the third quarter. Larson Financial Group LLC now owns 746 shares of the construction company's stock worth $31,000 after acquiring an additional 734 shares in the last quarter. Finally, Banque Transatlantique SA increased its holdings in shares of Fluor by 312.5% during the second quarter. Banque Transatlantique SA now owns 825 shares of the construction company's stock valued at $43,000 after acquiring an additional 625 shares in the last quarter. Hedge funds and other institutional investors own 88.07% of the company's stock.

Fluor Stock Down 2.1%

Shares of FLR opened at $52.16 on Friday. Fluor Corporation has a 12-month low of $37.62 and a 12-month high of $57.50. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $7.28 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23. The business's 50 day moving average is $49.69 and its 200 day moving average is $48.05.

Fluor (NYSE:FLR - Get Free Report) last posted its earnings results on Friday, May 8th. The construction company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.66 by ($0.52). Fluor had a return on equity of 5.90% and a net margin of 2.30%.The firm had revenue of $3.66 billion during the quarter, compared to analysts' expectations of $3.89 billion. During the same quarter in the prior year, the firm posted $0.73 earnings per share. Fluor's quarterly revenue was down 8.0% on a year-over-year basis. Research analysts expect that Fluor Corporation will post 2.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Citigroup cut their price target on shares of Fluor from $61.00 to $56.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Truist Financial boosted their target price on Fluor from $57.00 to $64.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Weiss Ratings raised shares of Fluor from a "sell (d+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Robert W. Baird increased their price target on Fluor from $48.00 to $49.00 and gave the company a "neutral" rating in a report on Monday, May 11th. Finally, Zacks Research downgraded Fluor from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $57.20.

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.

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