|Bid||19.08 x 2200|
|Ask||19.10 x 1100|
|Day's Range||18.02 - 19.30|
|52 Week Range||8.10 - 25.08|
|Beta (5Y Monthly)||2.94|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 07, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 28, 2020|
|1y Target Est||23.86|
Plans to sell up to $600 million of convertible preferred shares signals the stock is no longer a buy.
Fluor Corporation (NYSE: FLR) (the "Company" or "Fluor") announced today that it has priced its previously announced private placement of 525,000 shares of a newly created series of convertible preferred stock, to be designated as Series A 6.50% Cumulative Perpetual Convertible Preferred Stock (the "Preferred Stock"). The Company has also increased the size of the offering to 525,000 shares from the previously announced 450,000 shares and has granted the initial purchasers of the Preferred Stock a 30-day option to purchase up to an additional 75,000 in shares of Preferred Stock. The Company intends to use the net proceeds from this offering to redeem or repay outstanding indebtedness and for general corporate purposes. The offering is expected to close on May 18, 2021, subject to customary closing conditions.
The construction company plans to raise some cash, but investors appear a little worried about the way it's doing it.