Old West Investment Management LLC Purchases Shares of 254,781 Fluor Corporation $FLR

Old West Investment Management LLC acquired a new stake in Fluor Corporation (NYSE:FLR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 254,781 shares of the construction company’s stock, valued at approximately $13,348,000. Fluor accounts for approximately 1.4% of Old West Investment Management LLC’s investment portfolio, making the stock its 27th largest position.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on FLR. Robert W. Baird boosted their target price on shares of Fluor from $49.00 to $65.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Zacks Research raised Fluor from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Fluor from a “hold” rating to a “buy” rating in a research note on Saturday. UBS Group boosted their price objective on Fluor from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, August 10th. Finally, Truist Financial reaffirmed a “buy” rating and set a $71.00 target price (up from $64.00) on shares of Fluor in a report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.33.

Insider Activity

In other news, insider Pierre Edward Bechelany sold 5,000 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $55.24, for a total transaction of $276,200.00. Following the sale, the insider directly owned 36,064 shares of the company’s stock, valued at $1,992,175.36. This represents a 12.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.70% of the stock is currently owned by insiders.

Fluor Price Performance

NYSE:FLR opened at $52.46 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.80 and a quick ratio of 1.80. The company has a 50 day moving average price of $51.14 and a 200-day moving average price of $48.80. Fluor Corporation has a 1-year low of $39.33 and a 1-year high of $57.93. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of -4.27, a price-to-earnings-growth ratio of 1.64 and a beta of 1.25.

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

Fluor Company 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.