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IRVING, Texas—Mark E. Fields, Group President of Fluor Corp (NYSE:FLR), recently sold a significant portion of the company's common stock, according to a filing with the Securities and Exchange Commission. On November 25, Fields sold a total of 50,000 shares, generating approximately $2.83 million. The transaction prices ranged from $55.99 to $57.27 per share.
These sales were part of a predetermined trading plan under Rule 10b5-1, which Fields adopted on August 22, 2024. Following the transactions, Fields retains ownership of 147,044.8 shares of Fluor Corp's common stock.
In other recent news, Fluor Corporation (NYSE:FLR), a leading engineering and construction firm, reported strong Q3 2024 results, announcing a revenue of $4.1 billion and new awards totaling $2.7 billion. Despite facing challenges such as hurricanes and project cancellations, Fluor's total backlog reached $31.3 billion, with 80% being reimbursable contracts. The corporation also reported a consolidated segment profit of $117 million and adjusted earnings per share (EPS) of $0.51.
Citi, however, has adjusted its outlook on Fluor shares, reducing its price target to $60 from the previous $65 due to weaker-than-expected new project awards for the quarter. Despite this, Citi maintains a Buy rating on Fluor's shares and remains optimistic about the company's prospects, anticipating a potential upturn in project awards in 2025.
Fluor is focusing on growth in non-traditional oil and gas projects and expects strong revenue growth through 2028. The firm also plans to initiate a capital return strategy, including a share repurchase program. These recent developments underline Fluor's resilience and strategic approach amid challenging circumstances.
InvestingPro Insights
Following Mark E. Fields' significant stock sale, investors may be interested in additional insights about Fluor Corp's financial position and market performance. According to InvestingPro data, Fluor Corp has a market capitalization of $9.66 billion and is trading at a P/E ratio of 36.98, which is considered high relative to its peers in the Construction & Engineering industry.
Despite the recent insider sale, Fluor Corp has shown strong market performance. The company's stock has seen a substantial price uptick over the last six months, with a total return of 32.96%. This positive momentum extends to its year-to-date performance, boasting an impressive 42.43% return.
InvestingPro Tips highlight that Fluor Corp holds more cash than debt on its balance sheet, indicating a strong financial position. This solid liquidity is further supported by the fact that the company's liquid assets exceed its short-term obligations. These factors may provide some reassurance to investors concerned about the insider selling activity.
It's worth noting that while Fluor Corp is trading at a high earnings multiple, it's also trading at a low P/E ratio relative to its near-term earnings growth. This suggests potential value for investors looking at the company's future prospects. Additionally, net income is expected to grow this year, which could further support the stock's performance.
For those interested in a more comprehensive analysis, InvestingPro offers 16 additional tips for Fluor Corp, providing a deeper understanding of the company's financial health and market position.
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