Flowserve Corp (NYSE:FLS) Shares Sold by Arizona State Retirement System

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Arizona State Retirement System trimmed its position in shares of Flowserve Corp (NYSE:FLS) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,941 shares of the industrial products company’s stock after selling 210 shares during the period. Arizona State Retirement System’s holdings in Flowserve were worth $1,314,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. World Asset Management Inc grew its holdings in Flowserve by 2.1% during the 2nd quarter. World Asset Management Inc now owns 9,743 shares of the industrial products company’s stock valued at $513,000 after purchasing an additional 205 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in Flowserve by 0.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 85,027 shares of the industrial products company’s stock valued at $3,831,000 after purchasing an additional 223 shares in the last quarter. Mason Street Advisors LLC grew its holdings in Flowserve by 1.3% during the 1st quarter. Mason Street Advisors LLC now owns 18,687 shares of the industrial products company’s stock valued at $844,000 after purchasing an additional 238 shares in the last quarter. Woodstock Corp grew its holdings in Flowserve by 0.8% during the 2nd quarter. Woodstock Corp now owns 32,550 shares of the industrial products company’s stock valued at $1,715,000 after purchasing an additional 250 shares in the last quarter. Finally, State Treasurer State of Michigan grew its holdings in Flowserve by 0.8% during the 1st quarter. State Treasurer State of Michigan now owns 37,775 shares of the industrial products company’s stock valued at $1,705,000 after purchasing an additional 300 shares in the last quarter. 98.12% of the stock is owned by institutional investors and hedge funds.

Shares of FLS stock opened at $42.37 on Monday. The firm has a market cap of $5.46 billion, a P/E ratio of 24.21, a P/E/G ratio of 1.23 and a beta of 1.63. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.28 and a quick ratio of 1.63. Flowserve Corp has a 1-year low of $35.88 and a 1-year high of $56.86. The firm has a fifty day moving average of $49.61 and a two-hundred day moving average of $47.93.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. The company had revenue of $990.08 million during the quarter, compared to analyst estimates of $1 billion. Flowserve had a net margin of 5.41% and a return on equity of 15.75%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.41 EPS. On average, sell-side analysts expect that Flowserve Corp will post 2.2 EPS for the current year.

In other news, insider John Lenander sold 5,761 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $49.32, for a total value of $284,132.52. Following the transaction, the insider now directly owns 16,568 shares in the company, valued at approximately $817,133.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.36% of the company’s stock.

FLS has been the subject of several recent analyst reports. Credit Suisse Group raised shares of Flowserve from a “neutral” rating to an “outperform” rating and set a $54.00 price objective for the company in a report on Friday, August 2nd. Citigroup decreased their price objective on shares of Flowserve from $61.00 to $58.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Stifel Nicolaus raised their price objective on shares of Flowserve from $49.00 to $52.00 and gave the stock a “hold” rating in a report on Monday, July 15th. ValuEngine lowered shares of Flowserve from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Morgan Stanley decreased their price objective on shares of Flowserve from $47.00 to $43.00 and set an “underweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $50.56.

Flowserve Company Profile

Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).

Further Reading: Green Investing

Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

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