Vanguard Group Inc. increased its position in Flowserve Corp. (NYSE:FLS) by 2.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,447,256 shares of the company’s stock after buying an additional 308,756 shares during the period. Vanguard Group Inc. owned approximately 8.78% of Flowserve Corp. worth $517,073,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of FLS. Sumitomo Mitsui Asset Management Company LTD increased its stake in Flowserve Corp. by 1.0% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,063 shares of the company’s stock worth $454,000 after buying an additional 98 shares in the last quarter. Woodstock Corp increased its stake in shares of Flowserve Corp. by 0.5% in the first quarter. Woodstock Corp now owns 22,195 shares of the company’s stock valued at $986,000 after buying an additional 100 shares during the period. Norinchukin Bank The increased its stake in shares of Flowserve Corp. by 2.4% in the second quarter. Norinchukin Bank The now owns 6,838 shares of the company’s stock valued at $309,000 after buying an additional 162 shares during the period. Brown Advisory Inc. increased its stake in shares of Flowserve Corp. by 0.8% in the second quarter. Brown Advisory Inc. now owns 36,159 shares of the company’s stock valued at $1,633,000 after buying an additional 280 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Flowserve Corp. by 1.6% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 19,464 shares of the company’s stock valued at $879,000 after buying an additional 298 shares during the period. 98.49% of the stock is owned by hedge funds and other institutional investors.
Flowserve Corp. (NYSE:FLS) opened at 48.24 on Friday. The firm has a 50-day moving average price of $47.76 and a 200-day moving average price of $46.96. Flowserve Corp. has a 12-month low of $33.86 and a 12-month high of $52.50. The company has a market cap of $6.29 billion, a P/E ratio of 23.90 and a beta of 1.76.
Flowserve Corp. (NYSE:FLS) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.03. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The company earned $1.03 billion during the quarter, compared to analysts’ expectations of $1,000 million. During the same quarter in the prior year, the business posted $0.80 earnings per share. The company’s revenue was down 11.7% compared to the same quarter last year. On average, analysts forecast that Flowserve Corp. will post $2.42 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.76 annualized dividend and a yield of 1.58%. Flowserve Corp.’s dividend payout ratio (DPR) is 37.81%.
A number of equities analysts recently issued reports on FLS shares. Zacks Investment Research cut Flowserve Corp. from a “hold” rating to a “sell” rating in a report on Monday, September 5th. BMO Capital Markets dropped their price objective on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday, August 1st. Northcoast Research reiterated a “neutral” rating on shares of Flowserve Corp. in a research note on Tuesday, August 16th. Stifel Nicolaus reiterated a “buy” rating and set a $54.00 target price on shares of Flowserve Corp. in a research note on Tuesday, August 2nd. Finally, Oppenheimer Holdings Inc. reiterated a “” rating on shares of Flowserve Corp. in a research note on Thursday, September 8th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. Flowserve Corp. currently has an average rating of “Hold” and an average target price of €61.97 ($68.85).
In other Flowserve Corp. news, COO Thomas L. Pajonas sold 35,000 shares of Flowserve Corp. stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of €45.49 ($50.54), for a total transaction of €1,592,150.00 ($1,769,055.56). Following the completion of the sale, the chief operating officer now owns 99,487 shares of the company’s stock, valued at approximately €4,525,663.63 ($5,028,515.14). The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark A. Blinn sold 84,261 shares of Flowserve Corp. stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of €45.50 ($50.56), for a total value of €3,833,875.50 ($4,259,861.67). Following the sale, the chief executive officer now directly owns 397,687 shares of the company’s stock, valued at approximately €18,094,758.50 ($20,105,287.22). The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.
About Flowserve Corp.
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs, manufactures, distributes and services engineered pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and related equipment.
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