Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Fluor Corporation (NYSE:FLR)

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Fluor Corporation, purchasing 156,352 shares valued at approximately $5.6 million, which represents 0.09% of the company's stock.
• Fluor's quarterly earnings report showed an EPS of $0.43, missing the consensus estimate by $0.16, with revenue of $3.98 billion, down 5.9% from the previous year.
• Several research analysts have adjusted their price targets for Fluor, with the consensus rating now at "Hold" and an average target price of $49.57.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Fluor Corporation (NYSE:FLR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 156,352 shares of the construction company's stock, valued at approximately $5,601,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.09% of Fluor at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Cynosure Group LLC purchased a new stake in shares of Fluor in the 1st quarter valued at $347,000. Citigroup Inc. boosted its holdings in Fluor by 22.5% during the first quarter. Citigroup Inc. now owns 1,098,784 shares of the construction company's stock worth $39,358,000 after buying an additional 202,005 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Fluor during the first quarter worth $297,000. New Age Alpha Advisors LLC purchased a new stake in Fluor during the first quarter worth $46,000. Finally, Ruffer LLP purchased a new stake in Fluor during the first quarter worth $236,000. 88.07% of the stock is owned by hedge funds and other institutional investors.

Fluor Trading Up 0.6%

Fluor stock traded up $0.24 during midday trading on Friday, hitting $41.79. 4,073,290 shares of the stock were exchanged, compared to its average volume of 5,194,345. Fluor Corporation has a fifty-two week low of $29.20 and a fifty-two week high of $60.10. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of 1.72 and a beta of 1.43. The stock's 50-day simple moving average is $49.84 and its 200 day simple moving average is $42.32. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.18.

Fluor (NYSE:FLR - Get Free Report) last released 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 analyst estimates of $4.55 billion. During the same quarter in the previous year, the business posted $0.85 earnings per share. Fluor's revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities analysts anticipate that Fluor Corporation will post 2.5 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on FLR. Robert W. Baird decreased their price objective on shares of Fluor from $55.00 to $46.00 and set a "neutral" rating on the stock in a report on Monday, August 4th. Wall Street Zen downgraded shares of Fluor from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. UBS Group decreased their price objective on shares of Fluor from $60.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Citigroup reduced their target price on shares of Fluor from $71.00 to $57.00 and set a "buy" rating for the company in a research report on Monday, August 4th. Finally, Truist Financial set a $52.00 price target on shares of Fluor in a research note on Monday, August 4th. One investment 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 data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $49.57.

Insider Transactions at Fluor

In other Fluor news, insider Alvin C. Collins III sold 18,920 shares of Fluor stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $45.43, for a total transaction of $859,535.60. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman David E. Constable sold 38,600 shares of Fluor stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $52.11, for a total transaction of $2,011,446.00. Following the sale, the chairman owned 792,027 shares of the company's stock, valued at approximately $41,272,526.97. This represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 98,320 shares of company stock valued at $4,870,182. Company insiders own 1.70% of the company's stock.

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.