Fluor (NYSE:FLR) Stock Price Down 3.5% After Earnings Miss

Key Points

• Fluor's stock fell 3.5% following an earnings report that showed a missed EPS of $0.43 compared to the consensus estimate of $0.59.
• The company reported revenue of $3.98 billion for the quarter, significantly below the expected $4.55 billion, marking a 5.9% decline year-over-year.
• Analysts' ratings have shifted, with Truist Financial raising its price target to $59.00, while Wall Street Zen downgraded the stock from "buy" to "hold."

Fluor Corporation (NYSE:FLR - Get Free Report)'s share price dropped 3.5% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $39.94 and last traded at $39.97. Approximately 3,147,018 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 3,484,999 shares. The stock had previously closed at $41.42.

The construction company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.16). The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.55 billion. Fluor had a return on equity of 9.27% and a net margin of 25.35%. Fluor's revenue was down 5.9% on a year-over-year basis. During the same period last year, the business posted $0.85 EPS.

Analysts Set New Price Targets

FLR has been the subject of a number of analyst reports. Citigroup cut 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. UBS Group reduced their price target on shares of Fluor from $60.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday. Truist Financial set a $52.00 price objective on Fluor in a research note on Monday. Wall Street Zen downgraded Fluor from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Robert W. Baird cut their price objective on shares of Fluor from $55.00 to $46.00 and set a "neutral" rating on the stock in a report on Monday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $49.57.

Insider Activity

In other Fluor news, Chairman David E. Constable sold 40,800 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $49.00, for a total transaction of $1,999,200.00. Following the transaction, the chairman owned 870,627 shares in the company, valued at $42,660,723. The trade was a 4.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 approximately $2,924,919.69. The trade was a 22.71% 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 worth $4,870,182 over the last ninety days. Corporate insiders own 1.70% of the company's stock.

Institutional Trading of Fluor

Hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc bought a new stake in Fluor in the second quarter valued at about $27,000. Hurley Capital LLC acquired a new stake in shares of Fluor during the 1st quarter worth approximately $29,000. Sterling Capital Management LLC grew its stake in Fluor by 196.2% during the 4th quarter. Sterling Capital Management LLC now owns 616 shares of the construction company's stock worth $30,000 after buying an additional 408 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in shares of Fluor by 2,695.2% during the second quarter. Hantz Financial Services Inc. now owns 587 shares of the construction company's stock valued at $30,000 after acquiring an additional 566 shares during the period. Finally, Strategic Investment Solutions Inc. IL lifted its position in Fluor by 800.0% in the 1st quarter. Strategic Investment Solutions Inc. IL now owns 900 shares of the construction company's stock valued at $32,000 after purchasing an additional 800 shares during the last quarter. Institutional investors and hedge funds own 88.07% of the company's stock.

Fluor Trading Down 1.8%

The company has a current ratio of 1.62, a quick ratio of 1.74 and a debt-to-equity ratio of 0.18. The firm's 50-day simple moving average is $49.91 and its 200 day simple moving average is $42.76. The stock has a market cap of $7.00 billion, a P/E ratio of 1.79, a PEG ratio of 2.60 and a beta of 1.43.

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.