Zacks Investment Research upgraded shares of Fluor Corporation (NYSE:FLR) from a strong sell rating to a hold rating in a report published on Tuesday, November 7th.
According to Zacks, “Fluor’s third-quarter adjusted earnings from continuing operations came in at 67 cents, topping the Zacks Consensus Estimate by 15.5%. The company’s leading position in nuclear remediation at government facilities is a positive. Its market diversity as well as strong focus on streamlining business structure to boost profitability is expected to boost growth, going forward. Also, stabilizing commodity prices and gradual improvement in energy and mining sectors are anticipated to unlock further opportunities of growth. However, over the past six months, Fluor’s shares have underperformed the industry average. The company is facing a dearth of new awards which may impact growth prospects significantly. Fluor has also been witnessing continuous backlog erosion over the past few quarters, adding to its concerns.”
Several other analysts also recently weighed in on the stock. Canaccord Genuity reaffirmed a buy rating and issued a $54.00 target price on shares of Fluor in a report on Monday, November 6th. UBS AG lifted their target price on shares of Fluor from $43.00 to $46.00 and gave the company a neutral rating in a report on Friday, November 3rd. Robert W. Baird boosted their price objective on shares of Fluor from $40.00 to $48.00 and gave the stock a neutral rating in a report on Friday, November 3rd. Credit Suisse Group decreased their price objective on shares of Fluor from $43.00 to $41.00 and set a neutral rating on the stock in a report on Friday, November 3rd. Finally, Citigroup Inc. set a $53.00 price objective on shares of Fluor and gave the stock a buy rating in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $47.45.
Fluor (NYSE:FLR) last issued its earnings results on Thursday, November 2nd. The construction company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.09. The business had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.73 billion. Fluor had a net margin of 1.03% and a return on equity of 11.69%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. analysts predict that Fluor will post 1.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Tuesday, December 5th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Monday, December 4th. Fluor’s payout ratio is currently 58.74%.
In other Fluor news, Chairman David Thomas Seaton sold 40,000 shares of Fluor stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $47.57, for a total transaction of $1,902,800.00. Following the completion of the transaction, the chairman now owns 276,643 shares in the company, valued at $13,159,907.51. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.
Several large investors have recently bought and sold shares of FLR. Wellington Management Group LLP acquired a new position in shares of Fluor in the first quarter valued at approximately $1,648,000. Teachers Advisors LLC increased its position in Fluor by 26.4% during the first quarter. Teachers Advisors LLC now owns 482,430 shares of the construction company’s stock worth $25,385,000 after purchasing an additional 100,713 shares during the last quarter. Thrivent Financial For Lutherans increased its position in Fluor by 6.7% during the first quarter. Thrivent Financial For Lutherans now owns 5,130 shares of the construction company’s stock worth $270,000 after purchasing an additional 320 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Fluor during the first quarter worth approximately $283,000. Finally, Highbridge Capital Management LLC acquired a new position in Fluor during the first quarter worth approximately $268,000. 82.30% of the stock is owned by institutional investors and hedge funds.
Fluor Corporation (Fluor) is a holding company. The Company operates its business in four segments: Energy, Chemicals & Mining; Industrial, Infrastructure & Power; Government, and Maintenance, Modification & Asset Integrity (MMAI). The Company, through its subsidiaries, offers professional services providing engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, as well as project management services on a global basis.
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