ING Groep NV purchased a new position in Flowserve Corp. (NYSE:FLS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,152 shares of the company’s stock, valued at approximately $458,000.
A number of other institutional investors have also recently made changes to their positions in the company. Seven Eight Capital LLC purchased a new position in shares of Flowserve Corp. during the first quarter worth about $124,000. Strs Ohio boosted its position in shares of Flowserve Corp. by 124.7% in the second quarter. Strs Ohio now owns 4,097 shares of the company’s stock worth $185,000 after buying an additional 2,274 shares during the last quarter. Marshwinds Advisory Co. purchased a new position in shares of Flowserve Corp. during the second quarter worth about $203,000. Boys Arnold & Co. Inc. purchased a new position in shares of Flowserve Corp. during the second quarter worth about $414,000. Finally, John G Ullman & Associates Inc. purchased a new position in shares of Flowserve Corp. during the second quarter worth about $470,000. Institutional investors own 98.49% of the company’s stock.
Shares of Flowserve Corp. (NYSE:FLS) traded down 0.96% during midday trading on Monday, reaching $46.30. 942,077 shares of the company’s stock were exchanged. The company’s 50-day moving average is $47.68 and its 200-day moving average is $47.03. The stock has a market cap of $6.04 billion, a P/E ratio of 22.94 and a beta of 1.65. Flowserve Corp. has a one year low of $33.86 and a one year high of $52.50.
Flowserve Corp. (NYSE:FLS) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.03. Flowserve Corp. had a return on equity of 20.30% and a net margin of 6.10%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1,000 million. During the same quarter in the previous year, the firm posted $0.80 EPS. Flowserve Corp.’s revenue was down 11.7% on a year-over-year basis. Equities analysts expect that Flowserve Corp. will post $2.42 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.64%. Flowserve Corp.’s payout ratio is 37.81%.
Several research firms have issued reports on FLS. Zacks Investment Research cut shares of Flowserve Corp. from a “hold” rating to a “sell” rating in a research note on Monday, September 5th. BMO Capital Markets lowered their target price on shares of 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 restated a “neutral” rating on shares of Flowserve Corp. in a research note on Tuesday, August 16th. Stifel Nicolaus restated 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. restated a “” rating on shares of Flowserve Corp. in a research note on Thursday, September 8th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. Flowserve Corp. currently has an average rating of “Hold” and a consensus target price of €61.97 ($68.85).
In related news, 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 transaction of €3,833,875.50 ($4,259,861.67). Following the completion of the sale, the chief executive officer now owns 397,687 shares of the company’s stock, valued at €18,094,758.50 ($20,105,287.22). The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of €1,592,150.00 ($1,769,055.56). Following the sale, the chief operating officer now directly owns 99,487 shares of the company’s stock, valued at approximately €4,525,663.63 ($5,028,515.14). The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.
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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