Envestnet Asset Management Inc. Sells 18,906 Shares of Fluor Corporation (NYSE:FLR)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Fluor Corporation by 19.0%, selling 18,906 shares and holding 80,778 shares valued at approximately $2.89 million.
• Several institutional investors increased their positions in Fluor, with New York State Teachers Retirement System boosting their stake by 10.7% and Golden State Wealth Management increasing theirs by 104.6%.
• Analysts have mixed views on Fluor, with price targets ranging from $46.00 to $60.00, and a consensus rating of "Hold" with an average target price of $50.86.

Envestnet Asset Management Inc. decreased its position in shares of Fluor Corporation (NYSE:FLR - Free Report) by 19.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,778 shares of the construction company's stock after selling 18,906 shares during the period. Envestnet Asset Management Inc.'s holdings in Fluor were worth $2,893,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Fluor by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,698,120 shares of the construction company's stock valued at $872,871,000 after buying an additional 168,822 shares during the period. Alliancebernstein L.P. lifted its holdings in Fluor by 3.6% during the fourth quarter. Alliancebernstein L.P. now owns 3,093,998 shares of the construction company's stock valued at $152,596,000 after purchasing an additional 107,327 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Fluor by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,515,911 shares of the construction company's stock valued at $124,087,000 after purchasing an additional 25,528 shares in the last quarter. Northern Trust Corp lifted its holdings in Fluor by 12.9% during the fourth quarter. Northern Trust Corp now owns 2,391,954 shares of the construction company's stock valued at $117,971,000 after purchasing an additional 273,156 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in Fluor by 329.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,986,095 shares of the construction company's stock valued at $97,954,000 after purchasing an additional 1,523,647 shares in the last quarter. Hedge funds and other institutional investors own 88.07% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on FLR. Robert W. Baird increased their price objective on shares of Fluor from $41.00 to $55.00 and gave the company a "neutral" rating in a report on Friday, July 11th. KeyCorp downgraded shares of Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 price target on the stock. in a research note on Tuesday, July 15th. Wall Street Zen downgraded shares of Fluor from a "buy" rating to a "hold" rating in a research note on Monday, May 5th. Citigroup reissued a "buy" rating and issued a $71.00 price target (up from $47.00) on shares of Fluor in a research note on Monday. Finally, UBS Group reissued a "buy" rating and issued a $60.00 price target (up from $48.00) on shares of Fluor in a research note on Tuesday, June 24th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $54.43.

Fluor Trading Up 0.1%

Shares of FLR traded up $0.06 during mid-day trading on Thursday, hitting $56.09. The company had a trading volume of 729,215 shares, compared to its average volume of 3,310,503. The business's 50-day simple moving average is $49.52 and its 200-day simple moving average is $42.95. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.30. Fluor Corporation has a 1-year low of $29.20 and a 1-year high of $60.10. The stock has a market cap of $9.24 billion, a PE ratio of 5.36, a P/E/G ratio of 2.69 and a beta of 1.34.

Fluor (NYSE:FLR - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The construction company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.50 by $0.23. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.27 billion. Fluor had a net margin of 11.13% and a return on equity of 14.59%. Fluor's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 earnings per share. Sell-side analysts forecast that Fluor Corporation will post 2.5 earnings per share for the current year.

Insider Buying and Selling

In other Fluor news, insider Alvin C. Collins III sold 18,920 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $45.43, for a total transaction of $859,535.60. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David E. Constable sold 40,800 shares of the company'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 sale, the chairman directly owned 870,627 shares of the company's stock, valued at $42,660,723. The trade was a 4.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 98,320 shares of company stock worth $4,870,182 in the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

Fluor 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.