Nordea Investment Management AB boosted its position in Flowserve Corp. (NYSE:FLS) by 29.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,731 shares of the company’s stock after buying an additional 20,660 shares during the period. Nordea Investment Management AB’s holdings in Flowserve Corp. were worth $4,053,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in FLS. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Flowserve Corp. by 1.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 390,356 shares of the company’s stock worth $17,632,000 after buying an additional 6,678 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of 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 during the period. Whittier Trust Co. raised its position in shares of Flowserve Corp. by 194.6% in the second quarter. Whittier Trust Co. now owns 3,865 shares of the company’s stock worth $175,000 after buying an additional 2,553 shares during the period. LMR Partners LLP bought a new position in shares of Flowserve Corp. during the second quarter worth $227,000. Finally, ING Groep NV bought a new position in shares of Flowserve Corp. during the second quarter worth $458,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.
Flowserve Corp. (NYSE:FLS) traded down 0.39% on Tuesday, hitting $42.94. 1,519,635 shares of the stock traded hands. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 21.28 and a beta of 1.65. The stock has a 50-day moving average of $46.88 and a 200-day moving average of $47.04. Flowserve Corp. has a 12-month low of $33.86 and a 12-month high of $52.50.
Flowserve Corp. (NYSE:FLS) last posted its earnings results on Thursday, July 28th. The company reported $0.57 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.03. The business earned $1.03 billion during the quarter, compared to the consensus estimate of $1,000 million. Flowserve Corp. had a return on equity of 20.30% and a net margin of 6.10%. The business’s revenue was down 11.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.80 earnings per share. Analysts forecast that Flowserve Corp. will post $2.42 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is 37.81%.
FLS has been the topic of a number of research analyst reports. Oppenheimer Holdings Inc. reiterated a “” rating on shares of Flowserve Corp. in a report on Thursday, September 8th. Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 price target on shares of Flowserve Corp. in a report on Tuesday, August 2nd. BMO Capital Markets decreased their price target on shares of Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating on the stock in a report on Monday, August 1st. Northcoast Research reiterated a “neutral” rating on shares of Flowserve Corp. in a report on Tuesday, August 16th. Finally, Zacks Investment Research lowered shares of Flowserve Corp. from a “hold” rating to a “sell” rating in a report on Monday, September 5th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. Flowserve Corp. presently has a consensus rating of “Hold” and an average target price of €61.97 ($68.09).
In other Flowserve Corp. news, CEO Mark A. Blinn sold 84,261 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of €45.50 ($50.00), for a total value of €3,833,875.50 ($4,213,050.00). Following the completion of the sale, the chief executive officer now directly owns 397,687 shares of the company’s stock, valued at €18,094,758.50 ($19,884,350). The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Thomas L. Pajonas sold 35,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of €45.49 ($49.99), for a total transaction of €1,592,150.00 ($1,749,615.38). Following the completion of the sale, the chief operating officer now directly owns 99,487 shares of the company’s stock, valued at €4,525,663.63 ($4,973,256.74). The disclosure for this sale can be found here. 0.95% of the stock is currently owned by company 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.
Want to see what other hedge funds are holding FLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flowserve Corp. (NYSE:FLS).
Receive News & Ratings for Flowserve Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flowserve Corp. and related companies with MarketBeat.com's FREE daily email newsletter.