CI Global Investments Inc. grew its stake in Fluor Corporation (NYSE:FLR) by 66.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,721,828 shares of the construction company’s stock after purchasing an additional 1,890,300 shares during the period. Fluor Corporation makes up approximately 4.1% of CI Global Investments Inc.’s portfolio, making the stock its 6th biggest holding. CI Global Investments Inc. owned about 3.38% of Fluor Corporation worth $216,165,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in FLR. BlackRock Inc. boosted its position in Fluor Corporation by 3,137.9% during the first quarter. BlackRock Inc. now owns 9,025,119 shares of the construction company’s stock worth $474,903,000 after purchasing an additional 8,746,386 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in Fluor Corporation by 1,807.7% during the second quarter. Northwestern Mutual Investment Management Company LLC now owns 537,369 shares of the construction company’s stock worth $26,482,000 after purchasing an additional 509,200 shares in the last quarter. Clearbridge Investments LLC boosted its position in Fluor Corporation by 4.1% during the first quarter. Clearbridge Investments LLC now owns 12,415,798 shares of the construction company’s stock worth $653,319,000 after purchasing an additional 487,187 shares in the last quarter. Vanguard Group Inc. boosted its position in Fluor Corporation by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,312,237 shares of the construction company’s stock worth $700,490,000 after purchasing an additional 460,481 shares in the last quarter. Finally, Gotham Asset Management LLC purchased a new stake in Fluor Corporation during the first quarter worth $19,823,000. 84.54% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently issued reports on the company. BidaskClub upgraded Fluor Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Robert W. Baird reiterated a “hold” rating and issued a $40.00 target price on shares of Fluor Corporation in a research note on Tuesday, September 5th. Johnson Rice lowered Fluor Corporation from a “buy” rating to an “accumulate” rating and lowered their target price for the company from $62.00 to $48.00 in a research note on Monday, August 7th. DA Davidson upgraded Fluor Corporation from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Thursday, June 1st. Finally, Canaccord Genuity set a $48.00 price target on Fluor Corporation and gave the company a “buy” rating in a report on Sunday, August 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $49.18.
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Shares of Fluor Corporation (NYSE FLR) traded up 0.07% during trading on Friday, hitting $40.43. The stock had a trading volume of 1,488,381 shares. The stock’s 50 day moving average is $39.47 and its 200 day moving average is $46.46. Fluor Corporation has a 52 week low of $37.04 and a 52 week high of $58.37. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of 50.47 and a beta of 1.41.
Fluor Corporation (NYSE:FLR) last posted its earnings results on Thursday, August 3rd. The construction company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.59 by $0.13. Fluor Corporation had a net margin of 0.58% and a return on equity of 13.80%. The company had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.94 billion. During the same period in the previous year, the firm posted $0.72 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, equities research analysts expect that Fluor Corporation will post $1.50 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Tuesday, September 5th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.08%. The ex-dividend date is Thursday, August 31st. Fluor Corporation’s dividend payout ratio (DPR) is presently 106.33%.
About Fluor Corporation
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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