First Citizens Bank & Trust Co. Makes New Investment in Fluor Corporation $FLR

Key Points

• First Citizens Bank & Trust Co. initiated a new position in Fluor, buying 21,514 shares worth about $1.0 million in the first quarter, according to its latest 13F filing.
• Fluor’s stock was trading at $53.38, near its 52-week high of $57.50, and the company has a market capitalization of about $7.46 billion.
• The company recently posted weak quarterly earnings, reporting $0.14 EPS versus $0.66 expected, while revenue of $3.66 billion also missed estimates and fell 8% year over year.

First Citizens Bank & Trust Co. bought a new stake in Fluor Corporation (NYSE:FLR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,514 shares of the construction company's stock, valued at approximately $1,004,000.

A number of other hedge funds also recently modified their holdings of FLR. Global Retirement Partners LLC raised its holdings in Fluor by 91.7% during the 4th quarter. Global Retirement Partners LLC now owns 650 shares of the construction company's stock worth $26,000 after buying an additional 311 shares during the period. Assetmark Inc. boosted its holdings in shares of Fluor by 249.0% in the fourth quarter. Assetmark Inc. now owns 677 shares of the construction company's stock valued at $27,000 after buying an additional 483 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Fluor in the fourth quarter valued at approximately $27,000. Larson Financial Group LLC increased its position in shares of Fluor by 6,116.7% during the third quarter. Larson Financial Group LLC now owns 746 shares of the construction company's stock worth $31,000 after acquiring an additional 734 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Fluor during the fourth quarter worth $35,000. Institutional investors and hedge funds own 88.07% of the company's stock.

Fluor Stock Performance

Shares of FLR stock opened at $53.38 on Friday. Fluor Corporation has a 12 month low of $37.62 and a 12 month high of $57.50. The company's fifty day simple moving average is $49.53 and its 200-day simple moving average is $48.02. The firm has a market cap of $7.46 billion, a PE ratio of 31.04, a P/E/G ratio of 1.63 and a beta of 1.23. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.36.

Fluor (NYSE:FLR - Get Free Report) last released its earnings results on Friday, May 8th. The construction company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.66 by ($0.52). Fluor had a net margin of 2.30% and a return on equity of 5.90%. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same period last year, the business posted $0.73 EPS. The firm's revenue for the quarter was down 8.0% on a year-over-year basis. Equities research analysts expect that Fluor Corporation will post 2.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Citigroup cut their price objective on shares of Fluor from $61.00 to $56.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Truist Financial increased their target price on Fluor from $57.00 to $64.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Zacks Research lowered Fluor from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 7th. Weiss Ratings raised Fluor from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Finally, Robert W. Baird increased their price objective on Fluor from $48.00 to $49.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $57.20.

Fluor Company 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.

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