Teacher Retirement System of Texas boosted its stake in Flowserve Corp. (NYSE:FLS) by 31.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,345 shares of the company’s stock after buying an additional 2,218 shares during the period. Teacher Retirement System of Texas’ holdings in Flowserve Corp. were worth $422,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. First Eagle Investment Management LLC boosted its stake in shares of Flowserve Corp. by 0.3% in the second quarter. First Eagle Investment Management LLC now owns 12,021,967 shares of the company’s stock valued at $543,032,000 after buying an additional 30,583 shares in the last quarter. Gabelli Funds LLC boosted its stake in shares of Flowserve Corp. by 0.7% in the second quarter. Gabelli Funds LLC now owns 1,443,181 shares of the company’s stock valued at $65,188,000 after buying an additional 10,000 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Flowserve Corp. by 6.6% in the second quarter. American Century Companies Inc. now owns 1,391,770 shares of the company’s stock valued at $62,866,000 after buying an additional 86,140 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Flowserve Corp. by 4.4% in the first quarter. Geode Capital Management LLC now owns 1,106,529 shares of the company’s stock worth $49,044,000 after buying an additional 46,934 shares during the period. Finally, BlackRock Group LTD boosted its stake in shares of Flowserve Corp. by 0.3% in the first quarter. BlackRock Group LTD now owns 1,002,856 shares of the company’s stock worth $44,536,000 after buying an additional 3,046 shares during the period. 98.49% of the stock is owned by hedge funds and other institutional investors.
Flowserve Corp. (NYSE:FLS) traded down 2.36% during midday trading on Friday, hitting $46.75. The stock had a trading volume of 725,959 shares. The stock’s 50-day moving average is $47.68 and its 200-day moving average is $47.03. The stock has a market capitalization of $6.10 billion, a PE ratio of 23.17 and a beta of 1.65. Flowserve Corp. has a 1-year low of $33.86 and a 1-year high of $52.50.
Flowserve Corp. (NYSE:FLS) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.03. The company earned $1.03 billion during the quarter, compared to analyst estimates of $1,000 million. Flowserve Corp. had a return on equity of 20.30% and a net margin of 6.10%. Flowserve Corp.’s revenue was down 11.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 earnings per share. On average, equities research analysts anticipate that Flowserve Corp. will post $2.42 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is currently 37.81%.
A number of analysts have recently commented on FLS shares. BMO Capital Markets lowered their price target on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a research note on Monday, August 1st. Zacks Investment Research cut Flowserve Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 23rd. Oppenheimer Holdings Inc. reaffirmed a “” rating on shares of Flowserve Corp. in a research note on Thursday, September 8th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $54.00 price target on shares of Flowserve Corp. in a research note on Tuesday, August 2nd. Finally, Northcoast Research reaffirmed a “neutral” rating on shares of Flowserve Corp. in a research note on Tuesday, August 16th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Flowserve Corp. presently has an average rating of “Hold” and an average price target of €61.97 ($68.85).
In related news, COO Thomas L. Pajonas sold 35,000 shares of Flowserve Corp. stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of €45.49 ($50.54), for a total value of €1,592,150.00 ($1,769,055.56). Following the transaction, the chief operating officer now directly owns 99,487 shares of the company’s stock, valued at €4,525,663.63 ($5,028,515.14). The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William C. Rusnack sold 2,169 shares of Flowserve Corp. stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of €46.72 ($51.91), for a total value of €101,335.68 ($112,595.20). Following the completion of the transaction, the director now directly owns 2,783 shares in the company, valued at €130,021.76 ($144,468.62). The disclosure for this sale can be found here. 0.95% of the stock is owned by corporate insiders.
Flowserve Corp. Company Profile
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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