Cynosure Group LLC Buys Shares of 9,700 Fluor Corporation (NYSE:FLR)

Key Points

• Cynosure Group LLC has acquired 9,700 shares of Fluor Corporation, valued at approximately $347,000, marking a new investment in the construction firm.
• Insider trading activity included David E. Constable selling 40,800 shares worth nearly $2 million, reducing his ownership by 4.48%.
• Fluor reported earnings of $0.43 per share for the last quarter, missing expectations and showing a 5.9% decline in revenue year-over-year.

Cynosure Group LLC acquired a new stake in Fluor Corporation (NYSE:FLR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,700 shares of the construction company's stock, valued at approximately $347,000.

Other hedge funds also recently modified their holdings of the company. Citigroup Inc. lifted its position in Fluor by 22.5% in the first quarter. Citigroup Inc. now owns 1,098,784 shares of the construction company's stock worth $39,358,000 after purchasing an additional 202,005 shares during the period. Headlands Technologies LLC acquired a new position in Fluor during the first quarter worth $297,000. New Age Alpha Advisors LLC acquired a new stake in shares of Fluor in the first quarter valued at $46,000. Ruffer LLP acquired a new stake in shares of Fluor in the first quarter valued at $236,000. Finally, Westfield Capital Management Co. LP increased its stake in shares of Fluor by 1.6% in the first quarter. Westfield Capital Management Co. LP now owns 1,142,294 shares of the construction company's stock valued at $40,917,000 after buying an additional 18,346 shares in the last quarter. 88.07% of the stock is owned by institutional investors.

Fluor Trading Up 4.2%

Shares of Fluor stock traded up $1.76 during trading on Tuesday, hitting $43.43. 3,631,341 shares of the company were exchanged, compared to its average volume of 5,005,155. The firm has a market capitalization of $7.02 billion, a P/E ratio of 1.79 and a beta of 1.43. Fluor Corporation has a 1-year low of $29.20 and a 1-year high of $60.10. The firm's fifty day moving average price is $49.93 and its 200 day moving average price is $42.42. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.62 and a quick ratio of 1.62.

Fluor (NYSE:FLR - Get Free Report) last posted its earnings results 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). The company had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.55 billion. Fluor had a return on equity of 9.27% and a net margin of 25.35%. Fluor's quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 earnings per share. As a group, sell-side analysts expect that Fluor Corporation will post 2.5 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman David E. Constable sold 40,800 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chairman directly owned 870,627 shares in the company, valued at approximately $42,660,723. The trade was a 4.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alvin C. Collins III sold 18,920 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $45.43, for a total value of $859,535.60. Following the completion of the transaction, the insider owned 64,383 shares of the company's stock, valued at $2,924,919.69. This represents a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 98,320 shares of company stock valued at $4,870,182 over the last 90 days. Corporate insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Citigroup lowered their target price on Fluor from $71.00 to $57.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Wall Street Zen lowered Fluor from a "hold" rating to a "sell" rating in a research note on Saturday. KeyCorp lowered Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 target price for the company. in a research note on Tuesday, July 15th. Robert W. Baird lowered their price objective on Fluor from $55.00 to $46.00 and set a "neutral" rating for the company in a research report on Monday, August 4th. Finally, UBS Group lowered their price objective on Fluor from $60.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $49.57.

Fluor Company Profile

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.