Advisors Asset Management Inc. cut its position in shares of Flowserve Corp (NYSE:FLS) by 22.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,573 shares of the industrial products company’s stock after selling 1,887 shares during the period. Advisors Asset Management Inc.’s holdings in Flowserve were worth $266,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. California Public Employees Retirement System boosted its holdings in Flowserve by 15.1% during the second quarter. California Public Employees Retirement System now owns 361,856 shares of the industrial products company’s stock worth $14,619,000 after buying an additional 47,381 shares in the last quarter. Putnam Investments LLC boosted its holdings in Flowserve by 20.4% during the second quarter. Putnam Investments LLC now owns 37,728 shares of the industrial products company’s stock worth $1,524,000 after buying an additional 6,400 shares in the last quarter. Scopus Asset Management L.P. purchased a new stake in Flowserve during the second quarter worth $5,393,000. Zurich Insurance Group Ltd FI purchased a new stake in Flowserve during the second quarter worth $131,000. Finally, Tower Research Capital LLC TRC purchased a new stake in Flowserve during the second quarter worth $174,000.
FLS opened at $50.04 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.61 and a debt-to-equity ratio of 0.89. The firm has a market cap of $7.16 billion, a price-to-earnings ratio of 36.79, a P/E/G ratio of 1.87 and a beta of 1.53. Flowserve Corp has a 52-week low of $37.71 and a 52-week high of $56.86.
Flowserve (NYSE:FLS) last posted its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.08. The firm had revenue of $973.13 million for the quarter, compared to the consensus estimate of $923.89 million. Flowserve had a negative net margin of 0.79% and a positive return on equity of 10.52%. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period last year, the firm posted $0.22 earnings per share. On average, research analysts anticipate that Flowserve Corp will post 1.7 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 21st were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Thursday, September 20th. Flowserve’s dividend payout ratio is currently 55.88%.
FLS has been the topic of several recent analyst reports. Royal Bank of Canada reaffirmed a “hold” rating and set a $40.00 price objective on shares of Flowserve in a report on Friday, July 13th. Zacks Investment Research downgraded shares of Flowserve from a “hold” rating to a “sell” rating in a report on Monday, July 16th. Robert W. Baird reaffirmed a “hold” rating and set a $47.00 price objective on shares of Flowserve in a report on Friday, July 20th. ValuEngine raised shares of Flowserve from a “hold” rating to a “buy” rating in a report on Wednesday, August 8th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Flowserve in a report on Wednesday, August 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $49.23.
Flowserve Corporation designs, 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).
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