Cibc World Market Inc. Purchases New Holdings in Fluor Corporation $FLR

Key Points

• CIBC World Markets acquired 25,672 shares of Fluor worth approximately $1.35 million during the second quarter. Institutional investors and hedge funds collectively own 88.07% of Fluor’s stock.
• Analysts offered mixed views: UBS and Citigroup raised their price targets and maintained Buy ratings, while Weiss downgraded the stock to Sell. Fluor has a consensus Hold rating and an average price target of $63.33.
• Fluor reported quarterly EPS of $0.91, exceeding estimates of $0.70, while revenue rose 8.8% year over year to $4.33 billion. The stock opened at $54.22, up 4.2%, near its 52-week high of $57.93.

Cibc World Market Inc. acquired a new position in Fluor Corporation (NYSE:FLR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 25,672 shares of the construction company's stock, valued at approximately $1,345,000.

Other hedge funds have also made changes to their positions in the company. Starboard Value LP acquired a new stake in shares of Fluor in the fourth quarter worth approximately $205,732,000. AQR Capital Management LLC raised its stake in Fluor by 163.1% in the 4th quarter. AQR Capital Management LLC now owns 5,167,676 shares of the construction company's stock valued at $204,795,000 after purchasing an additional 3,203,712 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Fluor by 9.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,515,657 shares of the construction company's stock valued at $178,962,000 after purchasing an additional 377,985 shares in the last quarter. Rubric Capital Management LP boosted its stake in Fluor by 12.5% during the 3rd quarter. Rubric Capital Management LP now owns 4,500,000 shares of the construction company's stock worth $189,315,000 after purchasing an additional 500,000 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Fluor by 0.6% during the 4th quarter. Morgan Stanley now owns 3,405,733 shares of the construction company's stock worth $134,969,000 after purchasing an additional 20,210 shares during the last quarter. Institutional investors and hedge funds own 88.07% of the company's stock.

Insiders Place Their Bets

In other news, insider Pierre Edward Bechelany sold 5,000 shares of the 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 sale, the insider owned 36,064 shares of the company's stock, valued at $1,992,175.36. This represents a 12.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.70% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Weiss Ratings cut shares of Fluor from a "hold (c)" rating to a "sell (d)" rating in a research report on Friday, August 21st. UBS Group boosted their price target on shares of Fluor from $59.00 to $66.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Citigroup upped their price objective on shares of Fluor from $56.00 to $68.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Zacks Research upgraded shares of Fluor from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Finally, Barclays raised their target price on shares of Fluor from $40.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $63.33.

Fluor Stock Up 4.2%

NYSE FLR opened at $54.22 on Friday. The business's fifty day simple moving average is $51.59 and its 200-day simple moving average is $49.21. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.38. The firm has a market cap of $7.25 billion, a PE ratio of -4.42, a P/E/G ratio of 1.63 and a beta of 1.25. Fluor Corporation has a 52 week low of $39.33 and a 52 week high of $57.93.

Fluor (NYSE:FLR - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The construction company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the prior year, the firm posted $0.43 earnings per share. Fluor's quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities analysts anticipate that Fluor Corporation will post 2.66 earnings per share for the current year.

About Fluor

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source