Palisade Capital Management LP Acquires New Stake in Fluor Corporation $FLR

Palisade Capital Management LP bought a new stake in shares of Fluor Corporation (NYSE:FLR) in the second quarter, Holdings Channel reports. The firm bought 10,258 shares of the construction company’s stock, valued at approximately $537,000.

Several other institutional investors also recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in shares of Fluor during the second quarter worth about $25,000. Los Angeles Capital Management LLC purchased a new position in shares of Fluor in the fourth quarter valued at approximately $27,000. Larson Financial Group LLC grew its holdings in shares of Fluor by 6,116.7% in the third quarter. Larson Financial Group LLC now owns 746 shares of the construction company’s stock valued at $31,000 after purchasing an additional 734 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in Fluor during the 4th quarter worth approximately $35,000. Finally, Root Financial Partners LLC lifted its holdings in Fluor by 121.4% during the 1st quarter. Root Financial Partners LLC now owns 826 shares of the construction company’s stock worth $39,000 after buying an additional 453 shares in the last quarter. 88.07% of the stock is owned by institutional investors and hedge funds.

Fluor Price Performance

Fluor stock opened at $52.08 on Thursday. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.38. The company has a fifty day simple moving average of $51.58 and a 200-day simple moving average of $49.16. The stock has a market cap of $6.97 billion, a P/E ratio of -4.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.25. Fluor Corporation has a 12-month low of $39.33 and a 12-month high of $57.93.

Fluor (NYSE:FLR) last posted its earnings results on Friday, August 7th. The construction company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.70 by $0.21. Fluor had a positive return on equity of 8.82% and a negative net margin of 12.85%.The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the prior year, the company posted $0.43 earnings per share. Fluor’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities analysts expect that Fluor Corporation will post 2.66 EPS for the current fiscal year.

Insider Activity at Fluor

In other news, insider Pierre Edward Bechelany sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $55.24, for a total transaction of $276,200.00. Following the sale, the insider owned 36,064 shares of the company’s stock, valued at approximately $1,992,175.36. This trade represents a 12.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on FLR shares. Citigroup boosted their price target on shares of Fluor from $56.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Truist Financial reiterated a “buy” rating and issued a $71.00 target price (up from $64.00) on shares of Fluor in a report on Monday, August 10th. UBS Group boosted their target price on Fluor from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Barclays increased their price target on Fluor from $40.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Finally, Robert W. Baird lifted their price objective on Fluor from $49.00 to $65.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Fluor presently has an average rating of “Hold” and an average target price of $63.33.

Fluor Profile

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.