Hsbc Holdings PLC Acquires New Stake in Fluor Corporation $FLR

Hsbc Holdings PLC bought a new position in shares of Fluor Corporation (NYSE:FLR) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 61,671 shares of the construction company’s stock, valued at approximately $3,218,000.

A number of other hedge funds also recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its holdings in Fluor by 40.3% in the first quarter. NewEdge Advisors LLC now owns 10,077 shares of the construction company’s stock valued at $361,000 after acquiring an additional 2,896 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Fluor by 337.7% in the 1st quarter. Jones Financial Companies Lllp now owns 16,389 shares of the construction company’s stock valued at $587,000 after purchasing an additional 12,645 shares during the last quarter. Caxton Associates LLP bought a new position in Fluor during the first quarter worth $266,000. Acadian Asset Management LLC bought a new stake in Fluor during the first quarter valued at $54,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Fluor by 7.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,782 shares of the construction company’s stock worth $194,000 after acquiring an additional 248 shares during the period. 88.07% of the stock is currently owned by institutional investors.

Fluor Stock Down 1.4%

Shares of NYSE:FLR opened at $53.35 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.80 and a current ratio of 1.80. Fluor Corporation has a 52-week low of $39.33 and a 52-week high of $57.93. The business’s 50 day simple moving average is $51.59 and its two-hundred day simple moving average is $49.24. The firm has a market cap of $7.14 billion, a P/E ratio of -4.34, a PEG ratio of 1.67 and a beta of 1.25.

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FLR. Barclays upped their target price on Fluor from $40.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Truist Financial restated a “buy” rating and set a $71.00 price target (up from $64.00) on shares of Fluor in a report on Monday, August 10th. Citigroup raised their price objective on shares of Fluor from $56.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Weiss Ratings lowered shares of Fluor from a “hold (c)” rating to a “sell (d)” rating in a research note on Friday, August 21st. Finally, Robert W. Baird increased their target price on shares of Fluor from $49.00 to $65.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $63.33.

Insider Buying and Selling

In other Fluor news, insider Pierre Edward Bechelany sold 5,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $55.24, for a total transaction of $276,200.00. Following the completion of the sale, the insider owned 36,064 shares in the company, valued at approximately $1,992,175.36. The trade was a 12.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.70% of the company’s stock.

About Fluor

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.