Zacks Investment Research lowered shares of Fluor Co. (NEW) (NYSE:FLR) from a strong-buy rating to a hold rating in a report released on Friday.

According to Zacks, “Shares of Fluor have outperformed the industry year to date. The outperformance was backed by a solid earnings surprise history, beating the consensus mark in three of the past four quarters, with the average being 3.3%. Fluor’s market diversity remains a key strength that helps it mitigate the cyclicality of markets in which it operates. Strong focus on streamlining business structure to boost profitability is also encouraging. Also, stabilizing commodity prices and gradual improvement in energy and mining sectors are anticipated to unlock further opportunities for growth. The recent contract win for LNG Canada project is expected to provide much support to its backlog, which has been under pressure for the last few quarters. However, the company's dismal third-quarter 2018 preliminary results raise concern. Estimates have also been trending downward over the past seven days.”

Several other equities research analysts have also issued reports on FLR. UBS Group set a $69.00 target price on shares of Fluor Co. (NEW) and gave the company a buy rating in a research report on Thursday. MKM Partners reiterated a hold rating and set a $56.00 target price on shares of Fluor Co. (NEW) in a research report on Thursday. Bank of America set a $67.00 target price on shares of Fluor Co. (NEW) and gave the company a buy rating in a research report on Thursday. ValuEngine lowered shares of Fluor Co. (NEW) from a buy rating to a hold rating in a research report on Friday. Finally, TheStreet upgraded shares of Fluor Co. (NEW) from a c rating to a b- rating in a research report on Thursday, August 2nd. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Fluor Co. (NEW) currently has a consensus rating of Hold and an average target price of $58.31.

NYSE:FLR traded up $0.18 during mid-day trading on Friday, hitting $46.71. 3,446,811 shares of the stock traded hands, compared to its average volume of 1,436,523. The stock has a market cap of $8.17 billion, a P/E ratio of 28.66, a P/E/G ratio of 0.74 and a beta of 1.46. Fluor Co. has a 12-month low of $42.27 and a 12-month high of $62.09. The company has a current ratio of 1.45, a quick ratio of 1.03 and a debt-to-equity ratio of 0.49.

Fluor Co. (NEW) (NYSE:FLR) last announced its earnings results on Thursday, August 2nd. The construction company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.11. Fluor Co. (NEW) had a net margin of 1.28% and a return on equity of 11.63%. The business had revenue of $4.88 billion during the quarter, compared to analyst estimates of $4.58 billion. During the same period in the previous year, the business posted $0.72 earnings per share. Fluor Co. (NEW)’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities analysts forecast that Fluor Co. will post 2.96 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 2nd. Stockholders of record on Tuesday, September 4th were issued a $0.21 dividend. The ex-dividend date was Friday, August 31st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.80%. Fluor Co. (NEW)’s payout ratio is 51.53%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in Fluor Co. (NEW) by 14.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 44,234 shares of the construction company’s stock valued at $2,530,000 after purchasing an additional 5,497 shares during the period. Principal Financial Group Inc. increased its position in Fluor Co. (NEW) by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 215,669 shares of the construction company’s stock valued at $12,340,000 after purchasing an additional 3,437 shares during the period. Baird Financial Group Inc. purchased a new position in Fluor Co. (NEW) during the 1st quarter valued at $434,000. Rampart Investment Management Company LLC increased its position in Fluor Co. (NEW) by 117.6% during the 1st quarter. Rampart Investment Management Company LLC now owns 3,786 shares of the construction company’s stock valued at $217,000 after purchasing an additional 2,046 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Fluor Co. (NEW) by 14.2% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 52,358 shares of the construction company’s stock valued at $2,996,000 after purchasing an additional 6,491 shares during the period. Hedge funds and other institutional investors own 88.48% of the company’s stock.

About Fluor Co. (NEW)

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, and project management services worldwide. The company's Energy & Chemicals segment offers a range of design, engineering, procurement, construction, fabrication, and project management services in the upstream, midstream, downstream, chemical, petrochemical, offshore and onshore oil and gas production, liquefied natural gas and pipeline markets.

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Analyst Recommendations for Fluor Co. (NEW) (NYSE:FLR)

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