Principal Financial Group Inc. reduced its stake in Flowserve Corporation (NYSE:FLS) by 87.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 191,014 shares of the industrial products company’s stock after selling 1,287,757 shares during the quarter. Principal Financial Group Inc. owned approximately 0.15% of Flowserve worth $8,135,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FLS. EdgePoint Investment Group Inc. increased its position in shares of Flowserve by 22.2% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 6,307,455 shares of the industrial products company’s stock valued at $292,855,000 after purchasing an additional 1,146,084 shares during the last quarter. Pictet Asset Management Ltd. increased its position in shares of Flowserve by 78.5% during the 3rd quarter. Pictet Asset Management Ltd. now owns 2,339,145 shares of the industrial products company’s stock valued at $99,624,000 after purchasing an additional 1,028,684 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Flowserve by 2,307.4% during the 2nd quarter. Janus Henderson Group PLC now owns 582,937 shares of the industrial products company’s stock valued at $27,066,000 after purchasing an additional 558,723 shares during the last quarter. Honeywell International Inc. purchased a new stake in shares of Flowserve during the 3rd quarter valued at $22,700,000. Finally, Wells Fargo & Company MN increased its position in shares of Flowserve by 18.0% during the 2nd quarter. Wells Fargo & Company MN now owns 2,257,999 shares of the industrial products company’s stock valued at $104,838,000 after purchasing an additional 343,691 shares during the last quarter.
Several brokerages have recently issued reports on FLS. Zacks Investment Research lowered Flowserve from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 16th. Cowen reiterated a “buy” rating and set a $50.00 price target on shares of Flowserve in a research note on Thursday, August 10th. Susquehanna Bancshares upgraded Flowserve from a “neutral” rating to a “positive” rating and cut their price target for the stock from $50.00 to $46.00 in a research note on Tuesday, August 15th. UBS upgraded Flowserve from a “neutral” rating to a “positive” rating in a research note on Tuesday, August 15th. Finally, Citigroup reiterated a “neutral” rating and set a $48.00 price target (up previously from $46.00) on shares of Flowserve in a research note on Monday, October 9th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $44.27.
Flowserve (NYSE:FLS) last released its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.03. Flowserve had a return on equity of 12.09% and a net margin of 4.58%. The firm had revenue of $883.38 million for the quarter, compared to analysts’ expectations of $871.20 million. During the same quarter last year, the firm posted $0.52 EPS. The company’s revenue was down 6.6% compared to the same quarter last year. equities analysts expect that Flowserve Corporation will post 1.38 earnings per share for the current year.
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Flowserve Company Profile
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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