Westpac Banking Corp raised its position in shares of Flowserve Corp. (NYSE:FLS) by 37.1% during the second quarter, Holdings Channel reports. The fund owned 6,515 shares of the company’s stock after buying an additional 1,763 shares during the period. Westpac Banking Corp’s holdings in Flowserve Corp. were worth $294,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FLS. I.G. Investment Management LTD. raised its position in Flowserve Corp. by 209.7% in the second quarter. I.G. Investment Management LTD. now owns 976,880 shares of the company’s stock worth $44,126,000 after buying an additional 661,500 shares during the last quarter. Societe Generale acquired a new position in Flowserve Corp. during the second quarter worth approximately $25,357,000. Edge Asset Management Inc. raised its position in Flowserve Corp. by 94.5% in the second quarter. Edge Asset Management Inc. now owns 862,088 shares of the company’s stock worth $38,940,000 after buying an additional 418,930 shares during the last quarter. Vanguard Group Inc. raised its position in Flowserve Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 11,447,256 shares of the company’s stock worth $517,073,000 after buying an additional 308,756 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Flowserve Corp. by 42.8% in the second quarter. SG Americas Securities LLC now owns 561,376 shares of the company’s stock worth $25,357,000 after buying an additional 168,118 shares during the last quarter. 98.49% of the stock is owned by institutional investors and hedge funds.
Shares of Flowserve Corp. (NYSE:FLS) opened at 46.75 on Friday. The firm’s 50-day moving average price is $47.68 and its 200 day moving average price is $47.03. The stock has a market capitalization of $6.10 billion, a P/E ratio of 23.17 and a beta of 1.65. Flowserve Corp. has a 52 week low of $33.86 and a 52 week high of $52.50.
Flowserve Corp. (NYSE:FLS) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.57 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.03. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1,000 million. During the same period in the prior year, the firm posted $0.80 EPS. The business’s revenue was down 11.7% on a year-over-year basis. Analysts expect that Flowserve Corp. will post $2.42 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is presently 37.81%.
A number of research analysts have commented on FLS shares. Zacks Investment Research lowered Flowserve Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 23rd. Oppenheimer Holdings Inc. reissued a “” rating on shares of Flowserve Corp. in a research report on Thursday, September 8th. Northcoast Research reissued a “neutral” rating on shares of Flowserve Corp. in a research report on Tuesday, August 16th. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 target price on shares of Flowserve Corp. in a research report on Tuesday, August 2nd. Finally, BMO Capital Markets decreased their target price on 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. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of €61.97 ($68.85).
In related news, COO Thomas L. Pajonas sold 35,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of €45.49 ($50.54), for a total value of €1,592,150.00 ($1,769,055.56). Following the completion of the transaction, the chief operating officer now owns 99,487 shares of the company’s stock, valued at €4,525,663.63 ($5,028,515.14). The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William C. Rusnack sold 2,169 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of €46.72 ($51.91), for a total transaction of €101,335.68 ($112,595.20). Following the completion of the transaction, the director now directly owns 2,783 shares of the company’s stock, valued at approximately €130,021.76 ($144,468.62). The disclosure for this sale can be found here. 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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