Principal Financial Group Inc. Sells 245,522 Shares of Fluor Corporation (NYSE:FLR)

Principal Financial Group Inc. reduced its holdings in shares of Fluor Corporation (NYSE:FLR - Free Report) by 38.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 399,635 shares of the construction company's stock after selling 245,522 shares during the quarter. Principal Financial Group Inc. owned 0.24% of Fluor worth $14,315,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sterling Capital Management LLC increased its stake in shares of Fluor by 196.2% in the fourth quarter. Sterling Capital Management LLC now owns 616 shares of the construction company's stock valued at $30,000 after buying an additional 408 shares during the period. Versant Capital Management Inc increased its stake in shares of Fluor by 121.5% in the first quarter. Versant Capital Management Inc now owns 1,214 shares of the construction company's stock valued at $43,000 after buying an additional 666 shares during the period. Golden State Wealth Management LLC grew its stake in Fluor by 104.6% during 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 period. 1620 Investment Advisors Inc. acquired a new stake in Fluor during the fourth quarter worth approximately $57,000. Finally, Parallel Advisors LLC grew its stake in Fluor by 77.8% during the first quarter. Parallel Advisors LLC now owns 2,813 shares of the construction company's stock worth $101,000 after purchasing an additional 1,231 shares during the period. 88.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FLR shares. UBS Group reaffirmed a "buy" rating and set a $60.00 target price (up previously from $48.00) on shares of Fluor in a research note on Tuesday, June 24th. Truist Financial increased their price target on Fluor from $47.00 to $59.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. KeyCorp cut their price target on Fluor from $54.00 to $41.00 and set an "overweight" rating on the stock in a report on Friday, April 4th. Citigroup cut their price target on Fluor from $55.00 to $46.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Finally, Wall Street Zen lowered Fluor from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $50.86.

Fluor Stock Performance

Shares of FLR opened at $52.26 on Friday. The stock's 50-day simple moving average is $44.90 and its 200 day simple moving average is $42.45. The stock has a market capitalization of $8.61 billion, a price-to-earnings ratio of 5.01, a price-to-earnings-growth ratio of 2.51 and a beta of 1.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.74 and a current ratio of 1.74. Fluor Corporation has a 52-week low of $29.20 and a 52-week high of $60.10.

Fluor (NYSE:FLR - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The construction company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.23. The firm had revenue of $3.98 billion for the quarter, compared to analysts' expectations of $4.27 billion. Fluor had a return on equity of 14.59% and a net margin of 11.13%. The company's revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 EPS. Research analysts forecast that Fluor Corporation will post 2.5 EPS for the current fiscal year.

Insider Activity at Fluor

In other Fluor news, Chairman David E. Constable sold 38,600 shares of Fluor stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $52.11, for a total transaction of $2,011,446.00. Following the completion of the transaction, the chairman owned 792,027 shares in the company, valued at approximately $41,272,526.97. The trade was a 4.65% decrease in their ownership of the stock. The sale 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 business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $45.43, for a total value of $859,535.60. Following the completion of the transaction, the insider 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 disclosure for this sale can be found here. Insiders have sold 98,320 shares of company stock worth $4,870,182 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

About Fluor

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.