Ipswich Investment Management Co. Inc. Acquires New Position in Fluor Corporation (FLR)

Ipswich Investment Management Co. Inc. acquired a new position in Fluor Corporation (NYSE:FLR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 31,617 shares of the construction company’s stock, valued at approximately $1,447,000.

Other institutional investors also recently added to or reduced their stakes in the company. Karp Capital Management Corp bought a new position in Fluor Corporation during the first quarter worth about $3,862,000. Heritage Investors Management Corp boosted its position in Fluor Corporation by 2.3% in the first quarter. Heritage Investors Management Corp now owns 254,768 shares of the construction company’s stock worth $13,406,000 after buying an additional 5,673 shares during the period. OppenheimerFunds Inc. boosted its position in Fluor Corporation by 14.9% in the first quarter. OppenheimerFunds Inc. now owns 45,801 shares of the construction company’s stock worth $2,410,000 after buying an additional 5,948 shares during the period. UBS Asset Management Americas Inc. boosted its position in Fluor Corporation by 6.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 699,541 shares of the construction company’s stock worth $36,741,000 after buying an additional 41,883 shares during the period. Finally, Toronto Dominion Bank boosted its position in Fluor Corporation by 54.5% in the first quarter. Toronto Dominion Bank now owns 38,306 shares of the construction company’s stock worth $2,015,000 after buying an additional 13,516 shares during the period. 83.07% of the stock is currently owned by institutional investors.

Fluor Corporation (NYSE:FLR) traded down 0.26% during trading on Friday, hitting $37.67. 1,722,442 shares of the company’s stock traded hands. The company’s 50 day moving average is $43.13 and its 200-day moving average is $48.82. Fluor Corporation has a 12 month low of $37.40 and a 12 month high of $58.37. The stock has a market cap of $5.27 billion, a P/E ratio of 47.03 and a beta of 1.39.

Fluor Corporation (NYSE:FLR) last issued its earnings results on Thursday, August 3rd. The construction company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.13. The firm had revenue of $4.72 billion for the quarter, compared to the consensus estimate of $4.94 billion. Fluor Corporation had a net margin of 0.58% and a return on equity of 13.80%. The business’s revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. On average, analysts predict that Fluor Corporation will post $1.50 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 5th will be paid a $0.21 dividend. The ex-dividend date is Thursday, August 31st. This represents a $0.84 annualized dividend and a dividend yield of 2.23%. Fluor Corporation’s dividend payout ratio is presently 106.33%.

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Several brokerages recently weighed in on FLR. Deutsche Bank AG cut shares of Fluor Corporation from a “buy” rating to a “hold” rating and dropped their price target for the company from $55.00 to $40.00 in a research report on Friday, August 4th. Credit Suisse Group dropped their price target on shares of Fluor Corporation from $69.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday, May 15th. Canaccord Genuity raised shares of Fluor Corporation from a “hold” rating to a “buy” rating and dropped their price target for the company from $57.00 to $55.00 in a research report on Monday, May 15th. Zacks Investment Research cut shares of Fluor Corporation from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. Finally, BidaskClub raised shares of Fluor Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $50.10.

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.

Institutional Ownership by Quarter for Fluor Corporation (NYSE:FLR)

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