Why a New $10 Million Fluor Stock Buy Signals Confidence After a Rough Year

Kentucky-based Aristides Capital initiated a new position in Fluor Corporation ( FLR 0.24%) during the third quarter, acquiring 224,842 shares in an estimated $9.46 million stake as of September 30. What Happened According to a filing with the Securities and Exchange Commission dated November 13, Aristides Capital LLC established a new position in Fluor Corporation ( FLR 0.24%) during the third quarter. The fund reported holding 224,842 shares with a market value of approximately $9.46 million at quarter-end, representing approximately 2.84% of its total reportable U.S. equity assets. What Else to Know Top five holdings after the filing: NYSEMKT: SPY: $53.02 million (15.9% of AUM) NASDAQ: IBIT: $25.17 million (7.6% of AUM) NASDAQ: GOOGL: $15.19 million (4.6% of AUM) NYSE: CRC: $11.29 million (3.4% of AUM) NASDAQ: ITRN: $10.02 million (3.0% of AUM) As of Friday, Fluor shares were priced at $40.69, down 20% over the past year and well underperforming the S&P 500, which is up about 15% in the same period. Company Overview Metric Value Revenue (TTM) $15.59 billion Net Income (TTM) $3.38 billion Price (as of Friday) $40.69 One-Year Price Change (20%) Company Snapshot Fluor Corporation provides engineering, procurement, and construction (EPC) services, project management, fabrication, modularization, and asset integrity solutions across energy, infrastructure, government, and technology markets. The company operates a project-driven business model, generating revenue through large-scale contracts in energy transition, infrastructure, advanced technologies, life sciences, mining, and government services. It serves oil, gas, petrochemical, infrastructure, mining, life sciences, advanced technology firms, and U.S. government agencies as primary customers. Fluor Corporation is a global leader in engineering and construction services, with a diversified portfolio spanning energy, infrastructure, technology, and government projects. The company leverages its scale and technical expertise to deliver complex projects and solutions for both private and public sector clients. Its strategic focus on energy transition and mission-critical government services positions Fluor to capitalize on long-term industry trends and evolving client needs. Foolish Take Stepping into Fluor Corporation after a difficult stretch for the civil engineer firm suggests a willingness to look past headline noise and focus on normalized earnings power. Fluor’s third quarter was messy on the surface. Revenue fell 18% year over year and GAAP results were dragged down by legacy project charges and NuScale mark-to-market volatility. But dig deeper and the underlying picture looks steadier. Adjusted EBITDA climbed 29% year over year to $161 million, and management raised full-year adjusted EPS and EBITDA guidance. Just as important, 82% of the $28.2 billion backlog is reimbursable, limiting downside risk from cost overruns and execution surprises. Capital allocation is also doing some quiet heavy lifting. The company repurchased $70 million of stock in the quarter and is targeting up to $800 million more through early 2026, supported by $2.8 billion in cash and marketable securities. Meanwhile, new awards totaled $3.3 billion in the quarter, with nearly all of it reimbursable work. For long-term investors, this looks less like a turnaround gamble and more like a patience play. The risk is real, but...

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