Fluor Co. (NEW) (NYSE:FLR) Trading Down 5.8% After Analyst Downgrade

Fluor Co. (NEW) (NYSE:FLR)’s stock price fell 5.8% during mid-day trading on Monday after Citigroup lowered their price target on the stock from $37.00 to $36.00. Citigroup currently has a buy rating on the stock. Fluor Co. (NEW) traded as low as $22.10 and last traded at $21.35, 2,612,977 shares were traded during mid-day trading. An increase of 116% from the average session volume of 1,211,222 shares. The stock had previously closed at $22.67.

A number of other research analysts also recently issued reports on the company. Canaccord Genuity lifted their price target on Fluor Co. (NEW) from $32.00 to $35.00 and gave the company a “hold” rating in a report on Wednesday, July 10th. Zacks Investment Research downgraded Fluor Co. (NEW) from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 7th. MKM Partners set a $39.00 price target on Fluor Co. (NEW) and gave the company a “hold” rating in a report on Friday, April 5th. ValuEngine upgraded Fluor Co. (NEW) from a “strong sell” rating to a “sell” rating in a report on Thursday, June 13th. Finally, Goldman Sachs Group downgraded Fluor Co. (NEW) from a “buy” rating to a “neutral” rating and cut their price target for the company from $44.00 to $28.00 in a report on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $42.18.

In other news, CEO Carlos M. Hernandez purchased 17,001 shares of the company’s stock in a transaction on Monday, May 13th. The shares were acquired at an average price of $29.52 per share, for a total transaction of $501,869.52. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Alan L. Boeckmann purchased 16,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were purchased at an average price of $29.81 per share, for a total transaction of $476,960.00. Following the purchase, the insider now owns 17,250 shares in the company, valued at approximately $514,222.50. The disclosure for this purchase can be found here. 1.40% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Pinnacle Associates Ltd. grew its position in shares of Fluor Co. (NEW) by 90.3% in the second quarter. Pinnacle Associates Ltd. now owns 12,275 shares of the construction company’s stock valued at $414,000 after purchasing an additional 5,825 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of Fluor Co. (NEW) by 4.7% in the second quarter. Meeder Asset Management Inc. now owns 25,182 shares of the construction company’s stock valued at $848,000 after purchasing an additional 1,131 shares in the last quarter. Usca Ria LLC purchased a new stake in shares of Fluor Co. (NEW) in the second quarter valued at approximately $263,000. Comerica Bank grew its position in shares of Fluor Co. (NEW) by 174.8% in the second quarter. Comerica Bank now owns 83,997 shares of the construction company’s stock valued at $2,698,000 after purchasing an additional 53,433 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. grew its position in shares of Fluor Co. (NEW) by 10.7% in the second quarter. Candriam Luxembourg S.C.A. now owns 22,023 shares of the construction company’s stock valued at $739,000 after purchasing an additional 2,130 shares in the last quarter. 89.49% of the stock is owned by institutional investors and hedge funds.

The firm has a market cap of $3.17 billion, a P/E ratio of 9.93, a PEG ratio of 1.07 and a beta of 2.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.49 and a quick ratio of 1.04. The business has a 50-day moving average of $31.89.

Fluor Co. (NEW) (NYSE:FLR) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.19). The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Fluor Co. (NEW) had a positive return on equity of 6.73% and a negative net margin of 2.74%. The company’s revenue was down 16.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 earnings per share. As a group, sell-side analysts forecast that Fluor Co. will post 1.63 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 4th will be given a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.84 annualized dividend and a yield of 3.95%. Fluor Co. (NEW)’s payout ratio is 39.07%.

Fluor Co. (NEW) Company Profile (NYSE:FLR)

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, operation, maintenance and asset integrity, and project management services worldwide. It operates through four segments: Energy & Chemicals; Mining, Industrial, Infrastructure & Power; Diversified Services; and Government.

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