Comerica Bank Sells 22,692 Shares of Fluor Corporation $FLR

Key Points

• Comerica Bank cut its stake in Fluor by 25.5%, selling 22,692 shares and leaving it with 66,319 shares valued at $2.63 million per its latest SEC filing.
• Company insiders sold about 22,110 shares in the last quarter (≈$1.17 million) while institutional investors own roughly 88.07% of Fluor and insiders hold 1.70%.
• Analysts are mixed with an average rating of Hold and an average target price of $54.33, although firms including DA Davidson and Citigroup recently raised targets and issued Buy ratings.

Comerica Bank decreased its stake in Fluor Corporation (NYSE:FLR - Free Report) by 25.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,319 shares of the construction company's stock after selling 22,692 shares during the period. Comerica Bank's holdings in Fluor were worth $2,628,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the business. Rubric Capital Management LP increased its stake in shares of Fluor by 12.5% in the third 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 in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Fluor by 8.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,137,672 shares of the construction company's stock worth $174,077,000 after purchasing an additional 328,122 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Fluor by 27.4% in the third quarter. Alliancebernstein L.P. now owns 3,280,423 shares of the construction company's stock worth $138,007,000 after purchasing an additional 704,779 shares in the last quarter. Northern Trust Corp increased its stake in shares of Fluor by 0.3% in the third quarter. Northern Trust Corp now owns 2,109,240 shares of the construction company's stock worth $88,736,000 after purchasing an additional 6,675 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Fluor by 38.5% in the third quarter. AQR Capital Management LLC now owns 1,963,964 shares of the construction company's stock worth $82,624,000 after purchasing an additional 546,182 shares in the last quarter. Hedge funds and other institutional investors own 88.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FLR. Zacks Research downgraded shares of Fluor from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Weiss Ratings downgraded shares of Fluor from a "hold (c)" rating to a "sell (d+)" rating in a research note on Tuesday, February 17th. Wall Street Zen upgraded shares of Fluor from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. DA Davidson lifted their target price on shares of Fluor from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, February 19th. Finally, Citigroup boosted their price objective on shares of Fluor from $57.00 to $61.00 and gave the company a "buy" rating in a research note on Friday, February 20th. 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 stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $54.33.

Fluor Price Performance

Shares of NYSE:FLR opened at $52.47 on Tuesday. The company has a 50 day moving average of $48.04 and a 200 day moving average of $45.87. The stock has a market cap of $7.51 billion, a P/E ratio of -67.27, a P/E/G ratio of 1.32 and a beta of 1.33. Fluor Corporation has a 12 month low of $34.28 and a 12 month high of $57.50. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.33.

Fluor (NYSE:FLR - Get Free Report) last released its quarterly earnings results on Tuesday, February 17th. The construction company reported $0.33 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.01). Fluor had a positive return on equity of 7.96% and a negative net margin of 0.34%.The company had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $4.27 billion. During the same period in the prior year, the firm earned $0.48 EPS. Fluor's quarterly revenue was down 2.0% on a year-over-year basis. As a group, sell-side analysts forecast that Fluor Corporation will post 2.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fluor news, insider Mark E. Fields sold 5,178 shares of the business's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $52.36, for a total value of $271,120.08. Following the completion of the transaction, the insider owned 194,514 shares of the company's stock, valued at $10,184,753.04. The trade was a 2.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pierre Edward Bechelany sold 4,581 shares of the business's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $53.10, for a total transaction of $243,251.10. Following the completion of the transaction, the insider directly owned 32,748 shares of the company's stock, valued at approximately $1,738,918.80. This represents a 12.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 22,110 shares of company stock worth $1,168,920. 1.70% of the stock is owned by corporate insiders.

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.

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.