Citigroup Inc. Has $39.36 Million Stock Holdings in Fluor Corporation (NYSE:FLR)

Key Points

• Citigroup Inc. increased its stake in Fluor Corporation by 22.5% during the first quarter, accumulating a total of 1,098,784 shares valued at approximately $39.36 million.
• Fluor's earnings report revealed that the company missed analysts' expectations, posting $0.43 earnings per share against a consensus estimate of $0.59, alongside a year-over-year revenue decline of 5.9%.
• Numerous brokerages adjusted their price targets for Fluor, with Citigroup lowering its target from $71.00 to $57.00 while maintaining a "buy" rating.

Citigroup Inc. grew its stake in shares of Fluor Corporation (NYSE:FLR - Free Report) by 22.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,098,784 shares of the construction company's stock after purchasing an additional 202,005 shares during the quarter. Citigroup Inc. owned approximately 0.67% of Fluor worth $39,358,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in Fluor in the 1st quarter valued at approximately $297,000. New Age Alpha Advisors LLC bought a new position in Fluor during the 1st quarter valued at $46,000. Ruffer LLP bought a new position in Fluor during the 1st quarter valued at $236,000. Westfield Capital Management Co. LP boosted its stake in Fluor by 1.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,142,294 shares of the construction company's stock valued at $40,917,000 after purchasing an additional 18,346 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL boosted its stake in Fluor by 800.0% during the 1st quarter. Strategic Investment Solutions Inc. IL now owns 900 shares of the construction company's stock valued at $32,000 after purchasing an additional 800 shares in the last quarter. 88.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Fluor news, insider Alvin C. Collins III sold 18,920 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $45.43, for a total transaction of $859,535.60. Following the transaction, the insider directly owned 64,383 shares in the company, valued at $2,924,919.69. This trade represents a 22.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman David E. Constable sold 40,800 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $49.00, for a total value of $1,999,200.00. Following the transaction, the chairman directly owned 870,627 shares of the company's stock, valued at $42,660,723. This represents a 4.48% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 98,320 shares of company stock worth $4,870,182. Corporate insiders own 1.70% of the company's stock.

Fluor Stock Up 0.6%

Shares of Fluor stock traded up $0.24 during midday trading on Friday, hitting $41.79. The company's stock had a trading volume of 4,073,290 shares, compared to its average volume of 5,194,345. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.18. Fluor Corporation has a 1-year low of $29.20 and a 1-year high of $60.10. The stock has a 50-day simple moving average of $49.84 and a 200-day simple moving average of $42.36. The firm has a market capitalization of $6.76 billion, a P/E ratio of 1.72 and a beta of 1.43.

Fluor (NYSE:FLR - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The construction company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.16). Fluor had a return on equity of 9.27% and a net margin of 25.35%. The firm had revenue of $3.98 billion for the quarter, compared to analysts' expectations of $4.55 billion. During the same quarter in the prior year, the business posted $0.85 earnings per share. Fluor's revenue was down 5.9% on a year-over-year basis. As a group, sell-side analysts expect that Fluor Corporation will post 2.5 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FLR shares. Wall Street Zen lowered Fluor from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Citigroup reduced their price objective on Fluor from $71.00 to $57.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Truist Financial set a $52.00 price objective on Fluor in a research note on Monday, August 4th. UBS Group reduced their price objective on Fluor from $60.00 to $56.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Finally, KeyCorp lowered Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 price objective for the company. in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Fluor presently has a consensus rating of "Hold" and a consensus price target of $49.57.

About Fluor

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.