Panagora Asset Management Inc. Raises Holdings in Fluor Corporation $FLR

Key Points

• Panagora Asset Management Inc. increased its holdings in Fluor Corporation by 2.8% during the first quarter, owning 530,999 shares worth approximately $19 million at the end of the reporting period.
• Fluor's recent earnings report revealed a miss against consensus estimates, with earnings per share of $0.43 compared to an expected $0.59, and a year-over-year revenue decrease of 5.9%.
• Despite a consensus rating of "Hold" among analysts, several firms have downgraded their price targets for Fluor, with some suggesting a significant reduction in expectations for the stock's performance.

Panagora Asset Management Inc. lifted its position in Fluor Corporation (NYSE:FLR - Free Report) by 2.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 530,999 shares of the construction company's stock after purchasing an additional 14,325 shares during the quarter. Panagora Asset Management Inc. owned 0.32% of Fluor worth $19,020,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FLR. Alyeska Investment Group L.P. boosted its holdings in shares of Fluor by 329.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,986,095 shares of the construction company's stock worth $97,954,000 after purchasing an additional 1,523,647 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Fluor by 4,097.7% in the 1st quarter. Pacer Advisors Inc. now owns 1,332,307 shares of the construction company's stock worth $47,723,000 after purchasing an additional 1,300,568 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Fluor by 43.4% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 3,646,837 shares of the construction company's stock worth $130,630,000 after purchasing an additional 1,104,350 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Fluor by 10,125.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,056,946 shares of the construction company's stock worth $52,129,000 after purchasing an additional 1,046,610 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Fluor in the 1st quarter worth about $22,308,000. 88.07% of the stock is currently owned by hedge funds and other institutional investors.

Fluor Stock Down 4.0%

Shares of FLR stock traded down $1.69 during midday trading on Thursday, reaching $41.18. 3,416,726 shares of the stock were exchanged, compared to its average volume of 3,621,201. Fluor Corporation has a 1 year low of $29.20 and a 1 year high of $60.10. The company's 50 day moving average is $47.88 and its two-hundred day moving average is $41.81. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.18. The firm has a market cap of $6.66 billion, a PE ratio of 1.70 and a beta of 1.50.

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). The company 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 business's quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.85 EPS. Fluor has set its FY 2025 guidance at 1.950-2.15 EPS. On average, equities research analysts predict that Fluor Corporation will post 2.5 EPS for the current year.

Analysts Set New Price Targets

FLR has been the subject of a number of recent research reports. Wall Street Zen raised Fluor from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Citigroup lowered their target price on Fluor from $71.00 to $57.00 and set a "buy" rating for the company in a research note on Monday, August 4th. UBS Group lowered their target price on Fluor from $60.00 to $56.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Zacks Research lowered Fluor from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Finally, KeyCorp lowered Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 target price for the company. in a research note on Tuesday, July 15th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $49.57.

Insider Buying and Selling at Fluor

In other news, insider Alvin C. Collins III sold 18,920 shares of the stock in a transaction 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 transaction, the insider directly owned 64,383 shares of the company's stock, valued at $2,924,919.69. This represents a 22.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman David E. Constable sold 40,800 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $49.00, for a total value of $1,999,200.00. Following the completion of the transaction, the chairman directly owned 870,627 shares in the company, valued at approximately $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 have sold a total of 98,320 shares of company stock worth $4,870,182 over the last three months. 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.