US Bancorp DE Reduces Position in Fluor Corporation (NYSE:FLR)

Key Points

• US Bancorp DE has reduced its stake in Fluor Corporation by 56.0%, owning 14,857 shares worth approximately $532,000 after selling 18,924 shares in the first quarter.
• Analysts have downgraded Fluor's stock, with one brokerage lowering the rating from "hold" to "sell," and several others decreasing their price targets, reflecting a consensus average rating of "Hold" with a price target of $49.57.
• Fluor reported disappointing quarterly results, with earnings per share at $0.43, missing the estimate of $0.59, and quarterly revenue of $3.98 billion, below the expected $4.55 billion.

US Bancorp DE cut its stake in shares of Fluor Corporation (NYSE:FLR - Free Report) by 56.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,857 shares of the construction company's stock after selling 18,924 shares during the period. US Bancorp DE's holdings in Fluor were worth $532,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sterling Capital Management LLC increased its position in shares of Fluor by 196.2% during the fourth quarter. Sterling Capital Management LLC now owns 616 shares of the construction company's stock valued at $30,000 after buying an additional 408 shares during the period. Hurley Capital LLC bought a new stake in shares of Fluor during the first quarter valued at about $29,000. SBI Securities Co. Ltd. increased its position in shares of Fluor by 222.9% during the first quarter. SBI Securities Co. Ltd. now owns 1,101 shares of the construction company's stock valued at $39,000 after buying an additional 760 shares during the period. Versant Capital Management Inc increased its position in shares of Fluor by 121.5% during the first quarter. Versant Capital Management Inc now owns 1,214 shares of the construction company's stock valued at $43,000 after buying an additional 666 shares during the period. Finally, Golden State Wealth Management LLC increased its position in shares of Fluor by 104.6% during the first quarter. Golden State Wealth Management LLC now owns 1,371 shares of the construction company's stock valued at $49,000 after buying an additional 701 shares during the period. 88.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FLR shares. Robert W. Baird decreased their price target on Fluor from $55.00 to $46.00 and set a "neutral" rating on the stock in a research report on Monday, August 4th. Citigroup cut their price objective on Fluor from $71.00 to $57.00 and set a "buy" rating for the company in a report on Monday, August 4th. UBS Group cut their price objective on Fluor from $60.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Truist Financial set a $52.00 price objective on Fluor in a report on Monday, August 4th. Finally, KeyCorp lowered Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 price objective for the company. in a report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $49.57.

Insider Activity at Fluor

In other news, Chairman David E. Constable sold 38,600 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $52.11, for a total transaction of $2,011,446.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alvin C. Collins III sold 18,920 shares of the 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 sale, the insider directly owned 64,383 shares of the company's stock, valued at approximately $2,924,919.69. This trade represents a 22.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 98,320 shares of company stock valued at $4,870,182. 1.70% of the stock is owned by insiders.

Fluor Price Performance

FLR traded up $0.24 during midday trading on Friday, hitting $41.79. The stock had a trading volume of 4,073,290 shares, compared to its average volume of 5,194,345. The company has a market cap of $6.76 billion, a P/E ratio of 1.72 and a beta of 1.43. The business has a fifty day moving average of $49.84 and a 200 day moving average of $42.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.62 and a current ratio of 1.62. Fluor Corporation has a 1 year low of $29.20 and a 1 year high of $60.10.

Fluor (NYSE:FLR - Get Free Report) last issued 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 firm had revenue of $3.98 billion during the quarter, compared to analysts' expectations of $4.55 billion. Fluor had a return on equity of 9.27% and a net margin of 25.35%. The firm's quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 EPS. As a group, equities analysts forecast that Fluor Corporation will post 2.5 earnings per share for the current fiscal year.

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.