Bank of Montreal Can bought a new stake in shares of Flowserve Corp. (NYSE:FLS) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 69,724 shares of the company’s stock, valued at approximately $3,149,000.
A number of other hedge funds have also added to or reduced their stakes in FLS. Seven Eight Capital LLC acquired a new stake in Flowserve Corp. during the first quarter valued at $124,000. Marshwinds Advisory Co. acquired a new stake in Flowserve Corp. during the second quarter valued at $203,000. Boys Arnold & Co. Inc. acquired a new stake in Flowserve Corp. during the second quarter valued at $414,000. John G Ullman & Associates Inc. acquired a new stake in Flowserve Corp. during the second quarter valued at $470,000. Finally, Shell Asset Management Co. raised its stake in Flowserve Corp. by 67.6% in the second quarter. Shell Asset Management Co. now owns 11,687 shares of the company’s stock valued at $528,000 after buying an additional 4,714 shares during the last quarter. Hedge funds and other institutional investors own 98.49% of the company’s stock.
Flowserve Corp. (NYSE:FLS) traded down 0.69% during mid-day trading on Friday, reaching $43.39. 1,837,612 shares of the company’s stock were exchanged. Flowserve Corp. has a 52 week low of $33.86 and a 52 week high of $52.50. The stock has a market cap of $5.66 billion, a P/E ratio of 21.50 and a beta of 1.65. The stock has a 50-day moving average price of $47.05 and a 200-day moving average price of $47.01.
Flowserve Corp. (NYSE:FLS) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.03. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1,000 million. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The firm’s revenue was down 11.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.80 earnings per share. On average, analysts forecast that Flowserve Corp. will post $2.42 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.75%. Flowserve Corp.’s payout ratio is presently 37.81%.
Several equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Flowserve Corp. from a “hold” rating to a “sell” rating in a research report on Monday, September 5th. BMO Capital Markets lowered their price target on shares of Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a research report on Monday, August 1st. Northcoast Research restated a “neutral” rating on shares of Flowserve Corp. in a research report on Tuesday, August 16th. Stifel Nicolaus restated a “buy” rating and set a $54.00 price target on shares of Flowserve Corp. in a research report on Tuesday, August 2nd. Finally, Oppenheimer Holdings Inc. restated a “” rating on shares of Flowserve Corp. in a research report on Thursday, September 8th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of €61.97 ($68.85).
In other news, Director William C. Rusnack sold 2,169 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of €46.72 ($51.91), for a total value of €101,335.68 ($112,595.20). Following the completion of the sale, the director now directly owns 2,783 shares in the company, valued at €130,021.76 ($144,468.62). The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mark A. Blinn sold 84,261 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of €45.50 ($50.56), for a total value 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 disclosure for this sale can be found here. Company 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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