Neo Ivy Capital Management Decreases Position in Fluor Corporation (NYSE:FLR)

Key Points

• Neo Ivy Capital Management significantly reduced its stake in Fluor Corporation, selling 52,517 shares and decreasing its holdings by 79.6% during the first quarter.
• Fluor's Chairman, David E. Constable, sold 40,800 shares at an average price of $49.00, resulting in a transaction totaling nearly $2 million.
• Analysts have varied opinions on Fluor's stock, with ratings ranging from a "buy" to a "hold," and a target price set between $41.00 and $60.00.

Neo Ivy Capital Management lessened its holdings in shares of Fluor Corporation (NYSE:FLR - Free Report) by 79.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,426 shares of the construction company's stock after selling 52,517 shares during the quarter. Neo Ivy Capital Management's holdings in Fluor were worth $481,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FLR. New York State Teachers Retirement System grew its stake in Fluor by 10.7% during the first quarter. New York State Teachers Retirement System now owns 192,218 shares of the construction company's stock valued at $6,885,000 after acquiring an additional 18,603 shares in the last quarter. Golden State Wealth Management LLC increased its position in Fluor by 104.6% in the first quarter. Golden State Wealth Management LLC now owns 1,371 shares of the construction company's stock worth $49,000 after purchasing an additional 701 shares during the last quarter. Cinctive Capital Management LP purchased a new stake in Fluor during the fourth quarter valued at $1,131,000. LPL Financial LLC raised its position in shares of Fluor by 19.3% during the 4th quarter. LPL Financial LLC now owns 118,652 shares of the construction company's stock valued at $5,852,000 after buying an additional 19,161 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Fluor by 59.6% in the 1st quarter. Vontobel Holding Ltd. now owns 18,004 shares of the construction company's stock valued at $645,000 after acquiring an additional 6,720 shares during the last quarter. 88.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fluor

In related news, Chairman David E. Constable sold 40,800 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $49.00, for a total transaction of $1,999,200.00. Following the sale, the chairman owned 870,627 shares in the company, valued at approximately $42,660,723. This trade represents a 4.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alvin C. Collins III sold 18,920 shares of the firm's stock in a transaction dated 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 owned 64,383 shares in the company, valued at $2,924,919.69. This trade represents a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 98,320 shares of company stock valued at $4,870,182. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wall Street Zen downgraded Fluor from a "buy" rating to a "hold" rating in a research report on Monday, May 5th. Robert W. Baird raised their price target on Fluor from $41.00 to $55.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Citigroup reissued a "buy" rating and issued a $71.00 price objective (up from $47.00) on shares of Fluor in a research report on Monday. UBS Group restated a "buy" rating and set a $60.00 price target (up previously from $48.00) on shares of Fluor in a research note on Tuesday, June 24th. Finally, Truist Financial upped their price objective on shares of Fluor from $47.00 to $59.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $54.43.

Fluor Stock Down 0.5%

NYSE FLR traded down $0.27 on Wednesday, hitting $55.72. The stock had a trading volume of 879,288 shares, compared to its average volume of 3,309,732. Fluor Corporation has a 52-week low of $29.20 and a 52-week high of $60.10. The business's fifty day moving average price is $49.16 and its 200 day moving average price is $42.86. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.74 and a quick ratio of 1.74. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of 5.34, a price-to-earnings-growth ratio of 2.70 and a beta of 1.34.

Fluor (NYSE:FLR - Get Free Report) last announced its quarterly earnings data 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 during 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 was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $0.47 EPS. Equities research analysts anticipate that Fluor Corporation will post 2.5 earnings per share for the current 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.