The Manufacturers Life Insurance Company Sells 14,110 Shares of Fluor Corporation $FLR

The Manufacturers Life Insurance Company reduced its stake in shares of Fluor Corporation (NYSE:FLR) by 7.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 171,184 shares of the construction company’s stock after selling 14,110 shares during the quarter. The Manufacturers Life Insurance Company owned 0.12% of Fluor worth $7,986,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Starboard Value LP purchased a new stake in Fluor during the 4th quarter valued at about $205,732,000. AQR Capital Management LLC increased its stake in Fluor by 163.1% in the 4th quarter. AQR Capital Management LLC now owns 5,167,676 shares of the construction company’s stock worth $204,795,000 after purchasing an additional 3,203,712 shares during the period. Dimensional Fund Advisors LP lifted its position in Fluor by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,515,657 shares of the construction company’s stock valued at $178,962,000 after purchasing an additional 377,985 shares during the last quarter. Rubric Capital Management LP boosted its stake in shares of Fluor by 12.5% during the third quarter. Rubric Capital Management LP now owns 4,500,000 shares of the construction company’s stock valued at $189,315,000 after purchasing an additional 500,000 shares during the period. Finally, Morgan Stanley boosted its stake in shares of Fluor by 0.6% during the fourth quarter. Morgan Stanley now owns 3,405,733 shares of the construction company’s stock valued at $134,969,000 after purchasing an additional 20,210 shares during the period. Institutional investors own 88.07% of the company’s stock.

Fluor Stock Performance

Shares of FLR stock opened at $51.51 on Wednesday. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 29.95, a PEG ratio of 1.59 and a beta of 1.25. The stock has a fifty day moving average of $50.46 and a 200 day moving average of $48.36. Fluor Corporation has a 52 week low of $39.33 and a 52 week high of $54.79. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.36.

Fluor (NYSE:FLR) last issued its quarterly earnings data on Friday, May 8th. The construction company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.52). Fluor had a net margin of 2.30% and a return on equity of 5.90%. The company had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. As a group, research analysts expect that Fluor Corporation will post 2.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Truist Financial lifted their target price on shares of Fluor from $57.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Robert W. Baird raised their price target on shares of Fluor from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Citigroup decreased their price objective on shares of Fluor from $61.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Weiss Ratings upgraded shares of Fluor from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Zacks Research cut Fluor from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Fluor currently has an average rating of “Hold” and an average target price of $57.20.

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.