Fluor Corporation's (NYSE:FLR) Executive Vice President and Chief Financial Officer, Joseph L. Brennan, has sold a total of $785,023 worth of company stock, according to a recent SEC filing. The transactions took place on two separate occasions, with shares being sold at prices ranging from $50.00 to $50.525.
On the first date reported, October 4, Brennan sold 4,012 shares of Fluor Corp common stock at a weighted average price of $50.0056, with individual sale prices varying between $50.00 and $50.06. A few days later, on October 7, he sold an additional 11,619 shares at a weighted average price of $50.2970, with sale prices ranging from $50.00 to $50.525. The sales were conducted under a Rule 10b5-1 trading plan, which Brennan had adopted on June 6, 2024.
Following these transactions, Brennan's direct holdings in the company have decreased, yet he still owns 41,907.999 shares directly, with an additional 3,387.7483 shares held indirectly through a 401(k) Plan. The significant sale by a top executive may capture the attention of investors monitoring insider activity within the company.
Fluor Corp, headquartered in Irving, Texas, is a global engineering and construction firm specializing in a variety of projects, including energy, chemicals, infrastructure, and more. The company's financial movements, particularly those involving executive stock transactions, are closely watched as potential indicators of the firm's confidence and outlook.
The filing was signed on behalf of Brennan by Eric P. Helm, by the power of attorney, on October 7, 2024. Investors and stakeholders maintain the ability to request more detailed information about the specific prices of the shares sold within the reported range.
In other recent news, Fluor Corporation, a global engineering and construction firm, has reported strong Q2 2024 financial results. The company's revenues reached $4.2 billion, while new awards totaled $3.1 billion, contributing to a backlog primarily composed of reimbursable contracts valued at $32.3 billion. Adjusted earnings per share were reported at $0.85, and adjusted EBITDA at $165 million.
KeyBanc Capital Markets, DA Davidson, and Baird have all expressed confidence in Fluor's performance. KeyBanc maintained its Overweight rating and $57.00 price target, while DA Davidson raised its price target to $58.00, citing robust booking opportunities and potential for enhanced capital allocation. Baird also increased its price target from $46.00 to $54.00, maintaining its Outperform rating, and highlighting the firm's strong execution and involvement in key growth areas.
In other company news, Fluor has announced significant leadership changes, appointing Jim Breuer as the new Chief Operating Officer and Kevin Hammonds as the new Chief Legal Officer. These recent developments reflect Fluor's strategic focus on enhancing project delivery and operational efficiency across its business segments.
InvestingPro Insights
Fluor Corporation's recent insider selling activity by CFO Joseph L. Brennan comes at a time when the company's stock is trading near its 52-week high, according to InvestingPro data. The stock's current price is 98.08% of its 52-week high, which aligns with the timing of Brennan's sales.
InvestingPro Tips highlight that Fluor has been experiencing strong returns, with a 13.47% price increase over the last month and a 36.27% increase over the past year. This positive momentum may have influenced the timing of the insider sale.
Despite the recent stock sales by the CFO, InvestingPro Tips indicate that Fluor's net income is expected to grow this year, and analysts predict the company will be profitable. This positive outlook is supported by the company's revenue growth of 4.86% over the last twelve months, reaching $15.74 billion.
It's worth noting that while Fluor holds more cash than debt on its balance sheet, it also suffers from weak gross profit margins, which stood at 3.78% for the last twelve months. This financial profile presents a mixed picture that investors may want to consider alongside the insider selling activity.
For those seeking a more comprehensive analysis, InvestingPro offers 13 additional tips on Fluor Corporation, providing deeper insights into the company's financial health and market position.
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