Pacific Heights Asset Management LLC Purchases 75,000 Shares of Fluor Corporation $FLR

Key Points

• Pacific Heights Asset Management increased its Fluor stake by 23.1% in the fourth quarter, buying 75,000 additional shares and bringing its total holdings to 400,000 shares worth about $15.85 million.
• Fluor’s latest quarterly results missed expectations, with EPS of $0.14 versus the $0.66 consensus and revenue of $3.66 billion versus $3.89 billion expected. Revenue also fell 8% year over year.
• Analyst sentiment remains mixed but constructive: Fluor has a Moderate Buy consensus rating, with four Buy and four Hold ratings, and an average price target of $53.33.

Pacific Heights Asset Management LLC grew its position in shares of Fluor Corporation (NYSE:FLR - Free Report) by 23.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 400,000 shares of the construction company's stock after buying an additional 75,000 shares during the quarter. Pacific Heights Asset Management LLC owned 0.25% of Fluor worth $15,852,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Rubric Capital Management LP increased its stake in shares of Fluor by 12.5% in the 3rd quarter. Rubric Capital Management LP now owns 4,500,000 shares of the construction company's stock worth $189,315,000 after purchasing an additional 500,000 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Fluor by 8.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,137,672 shares of the construction company's stock worth $174,077,000 after purchasing an additional 328,122 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Fluor by 27.4% in the 3rd quarter. Alliancebernstein L.P. now owns 3,280,423 shares of the construction company's stock worth $138,007,000 after purchasing an additional 704,779 shares in the last quarter. Northern Trust Corp increased its stake in shares of Fluor by 0.3% in the 3rd quarter. Northern Trust Corp now owns 2,109,240 shares of the construction company's stock worth $88,736,000 after purchasing an additional 6,675 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Fluor by 38.5% in the 3rd quarter. AQR Capital Management LLC now owns 1,963,964 shares of the construction company's stock worth $82,624,000 after purchasing an additional 546,182 shares in the last quarter. 88.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FLR has been the subject of several analyst reports. DA Davidson upped their price objective on Fluor from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, February 19th. Citigroup reduced their price objective on Fluor from $61.00 to $56.00 and set a "buy" rating for the company in a research note on Monday, May 11th. UBS Group restated a "buy" rating and issued a $57.00 price objective on shares of Fluor in a research note on Thursday, February 19th. Wall Street Zen upgraded Fluor from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, Truist Financial reissued a "buy" rating and set a $57.00 price target (down from $59.00) on shares of Fluor in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.33.

Fluor Price Performance

NYSE:FLR opened at $44.41 on Monday. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.36. The business's 50-day simple moving average is $47.27 and its two-hundred day simple moving average is $45.81. The stock has a market cap of $6.20 billion, a PE ratio of 25.82, a P/E/G ratio of 1.35 and a beta of 1.33. Fluor Corporation has a 52 week low of $37.33 and a 52 week high of $57.50.

Fluor (NYSE:FLR - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The construction company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.66 by ($0.52). The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.89 billion. Fluor had a net margin of 2.30% and a return on equity of 5.90%. Fluor's revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.73 earnings per share. As a group, analysts forecast that Fluor Corporation will post 2.74 EPS for the current fiscal year.

Insider Activity

In other news, insider Michael E. Alexander sold 3,387 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $53.07, for a total transaction of $179,748.09. Following the completion of the transaction, the insider owned 68,664 shares in the company, valued at $3,643,998.48. This trade represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anthony Morgan sold 3,387 shares of the firm's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $53.09, for a total value of $179,815.83. Following the transaction, the insider owned 45,999 shares of the company's stock, valued at approximately $2,442,086.91. The trade was a 6.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 22,110 shares of company stock valued at $1,168,920. 1.70% of the stock is owned by corporate insiders.

About Fluor

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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