Northern Trust Corp Trims Stock Position in Fluor Corporation $FLR

Key Points

• Northern Trust Corp reduced its stake in Fluor Corporation by 5.1%, bringing its total holdings to approximately 2.27 million shares worth $81.3 million as of Q1 2023.
• Fluor's recent earnings report showed earnings per share of $0.43, missing estimates by $0.16, and revenue fell to $3.98 billion, down 5.9% year-over-year.
• Analysts have mixed feelings about Fluor, with target prices ranging from $41.00 to $60.00, and a consensus rating of "Moderate Buy" based on recent reports.

Northern Trust Corp lowered its holdings in shares of Fluor Corporation (NYSE:FLR - Free Report) by 5.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,269,770 shares of the construction company's stock after selling 122,184 shares during the quarter. Northern Trust Corp owned approximately 1.38% of Fluor worth $81,303,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Versor Investments LP purchased a new stake in shares of Fluor during the 1st quarter valued at about $519,000. Algert Global LLC increased its position in shares of Fluor by 515.7% during the 1st quarter. Algert Global LLC now owns 132,337 shares of the construction company's stock valued at $4,740,000 after purchasing an additional 110,844 shares during the last quarter. Cresset Asset Management LLC increased its holdings in Fluor by 86.4% in the 1st quarter. Cresset Asset Management LLC now owns 9,157 shares of the construction company's stock worth $328,000 after acquiring an additional 4,245 shares in the last quarter. American Century Companies Inc. increased its holdings in Fluor by 12.6% in the 1st quarter. American Century Companies Inc. now owns 64,904 shares of the construction company's stock worth $2,325,000 after acquiring an additional 7,240 shares in the last quarter. Finally, Brandywine Global Investment Management LLC purchased a new stake in Fluor in the 1st quarter worth approximately $1,859,000. Hedge funds and other institutional investors own 88.07% of the company's stock.

Fluor Trading Up 1.2%

FLR stock opened at $41.5490 on Monday. Fluor Corporation has a 1-year low of $29.20 and a 1-year high of $60.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.62 and a quick ratio of 1.62. The company has a market capitalization of $6.72 billion, a price-to-earnings ratio of 1.71 and a beta of 1.43. The business has a 50 day simple moving average of $49.25 and a two-hundred day simple moving average of $42.05.

Fluor (NYSE:FLR - Get Free Report) last posted its quarterly 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). Fluor had a return on equity of 9.27% and a net margin of 25.35%.The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.55 billion. During the same quarter in the previous year, the company earned $0.85 earnings per share. The company's revenue for the quarter was down 5.9% compared to the same quarter last year. Fluor has set its FY 2025 guidance at 1.950-2.15 EPS. Research analysts anticipate that Fluor Corporation will post 2.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FLR shares. UBS Group reduced their target price on shares of 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 target price on shares of Fluor in a report on Monday, August 4th. KeyCorp lowered shares of Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 target price for the company. in a report on Tuesday, July 15th. Citigroup reduced their target price on shares of Fluor from $71.00 to $57.00 and set a "buy" rating for the company in a report on Monday, August 4th. Finally, Wall Street Zen raised shares of Fluor from a "sell" rating to a "hold" rating in a report on Friday. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Fluor presently has a consensus rating of "Moderate Buy" and an average price target of $49.57.

Insider Activity at Fluor

In other news, insider Alvin C. Collins III sold 18,920 shares of the 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David E. Constable sold 40,800 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $49.00, for a total value of $1,999,200.00. Following the transaction, the chairman owned 870,627 shares of the company's stock, valued at $42,660,723. This represents a 4.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 98,320 shares of company stock valued at $4,870,182 over 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.

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