JPMorgan Chase & Co. Cuts Stake in Flowserve Corporation (FLS)

JPMorgan Chase & Co. decreased its position in Flowserve Corporation (NYSE:FLS) by 0.3% during the first quarter, Holdings Channel reports. The firm owned 320,594 shares of the industrial products company’s stock after selling 824 shares during the period. JPMorgan Chase & Co.’s holdings in Flowserve Corporation were worth $15,523,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC increased its position in Flowserve Corporation by 0.4% in the fourth quarter. HighPoint Advisor Group LLC now owns 4,848 shares of the industrial products company’s stock worth $233,000 after buying an additional 19 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Flowserve Corporation by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,478 shares of the industrial products company’s stock worth $359,000 after buying an additional 32 shares during the period. Public Sector Pension Investment Board increased its position in Flowserve Corporation by 0.3% in the fourth quarter. Public Sector Pension Investment Board now owns 28,700 shares of the industrial products company’s stock worth $1,379,000 after buying an additional 100 shares during the period. Macquarie Group Ltd. increased its position in Flowserve Corporation by 3.1% in the fourth quarter. Macquarie Group Ltd. now owns 3,300 shares of the industrial products company’s stock worth $158,000 after buying an additional 100 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its position in Flowserve Corporation by 1.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,535 shares of the industrial products company’s stock worth $316,000 after buying an additional 111 shares during the period. 98.67% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Flowserve Corporation (NYSE:FLS)

Flowserve Corporation (NYSE FLS) opened at 47.53 on Tuesday. The firm’s 50-day moving average price is $48.64 and its 200 day moving average price is $48.71. Flowserve Corporation has a 52-week low of $39.13 and a 52-week high of $52.10. The company has a market cap of $6.21 billion, a PE ratio of 51.11 and a beta of 1.52.

Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings data on Monday, May 1st. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. Flowserve Corporation had a return on equity of 15.76% and a net margin of 3.12%. The firm had revenue of $863.63 million during the quarter, compared to analysts’ expectations of $817.56 million. During the same period in the prior year, the business earned $0.39 EPS. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, equities analysts predict that Flowserve Corporation will post $1.77 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 7th. Stockholders of record on Friday, June 23rd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Wednesday, June 21st. Flowserve Corporation’s payout ratio is currently 81.72%.

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A number of brokerages have recently issued reports on FLS. BidaskClub upgraded Flowserve Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Royal Bank Of Canada reiterated a “sell” rating and set a $46.00 price objective on shares of Flowserve Corporation in a research note on Tuesday, June 6th. BMO Capital Markets upped their price objective on Flowserve Corporation from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, May 4th. Stifel Nicolaus reiterated a “buy” rating and set a $55.00 price objective (up previously from $53.00) on shares of Flowserve Corporation in a research note on Wednesday, May 3rd. Finally, Zacks Investment Research upgraded Flowserve Corporation from a “strong sell” rating to a “hold” rating in a research note on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $57.86.

About Flowserve Corporation

Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

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