King Luther Capital Management Corp Sells 730,925 Shares of Fluor Corporation (NYSE:FLR)

Key Points

• King Luther Capital Management Corp reduced its stake in Fluor Corporation by 69.4% during the first quarter, now owning approximately 321,531 shares valued at around $11.5 million.
• Fluor's recent quarterly earnings showed an earnings per share of $0.43, falling short of analyst estimates by $0.16, with revenue declining 5.9% from the previous year.
• Analysts have issued mixed ratings on Fluor, with consensus indicating a "Hold" rating and an average target price of $49.57.

King Luther Capital Management Corp lowered its position in Fluor Corporation (NYSE:FLR - Free Report) by 69.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 321,531 shares of the construction company's stock after selling 730,925 shares during the quarter. King Luther Capital Management Corp owned 0.20% of Fluor worth $11,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Benjamin Edwards Inc. boosted its holdings in shares of Fluor by 9.5% during the 1st quarter. Benjamin Edwards Inc. now owns 26,863 shares of the construction company's stock worth $962,000 after buying an additional 2,332 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Fluor during the 1st quarter valued at $5,601,000. Cynosure Group LLC bought a new position in shares of Fluor during the 1st quarter worth $347,000. Citigroup Inc. grew its stake in shares of Fluor by 22.5% during the 1st quarter. Citigroup Inc. now owns 1,098,784 shares of the construction company's stock worth $39,358,000 after acquiring an additional 202,005 shares during the period. Finally, Headlands Technologies LLC bought a new position in Fluor in the 1st quarter worth about $297,000. Institutional investors and hedge funds own 88.07% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Robert W. Baird decreased their price objective on Fluor from $55.00 to $46.00 and set a "neutral" rating on the stock in a report on Monday, August 4th. KeyCorp downgraded Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 target price on the stock. in a report on Tuesday, July 15th. Citigroup reduced their price objective on Fluor from $71.00 to $57.00 and set a "buy" rating for the company in a research report on Monday, August 4th. Wall Street Zen lowered Fluor from a "hold" rating to a "sell" rating in a research note on Saturday. 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 note on Wednesday, August 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $49.57.

Fluor Price Performance

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 stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 1.79 and a beta of 1.43. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average price of $49.93 and a 200 day moving average price of $42.42. Fluor Corporation has a fifty-two week low of $29.20 and a fifty-two week high of $60.10.

Fluor (NYSE:FLR - Get Free Report) last announced its earnings results on Friday, August 1st. The construction company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.16). The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.55 billion. Fluor had a net margin of 25.35% and a return on equity of 9.27%. The firm's revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.85 earnings per share. On average, equities analysts expect that Fluor Corporation will post 2.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Fluor

In related news, insider Alvin C. Collins III sold 18,920 shares of the company's stock in a transaction 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 sale, the insider directly owned 64,383 shares in the company, valued at approximately $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 SEC, which is accessible through this link. Also, Chairman David E. Constable sold 38,600 shares of the company's 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 $41,272,526.97. This trade represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 98,320 shares of company stock worth $4,870,182. Company insiders own 1.70% of the company's stock.

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.