Geode Capital Management LLC Reduces Position in Flowserve Corporation $FLS

Geode Capital Management LLC decreased its holdings in Flowserve Corporation (NYSE:FLS) by 0.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,309,531 shares of the industrial products company’s stock after selling 8,021 shares during the quarter. Geode Capital Management LLC’s holdings in Flowserve were worth $120,924,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. TD Private Client Wealth LLC purchased a new stake in Flowserve during the 2nd quarter worth approximately $25,000. First Horizon Advisors Inc. bought a new stake in shares of Flowserve in the second quarter worth $26,000. Hilltop National Bank acquired a new stake in Flowserve in the second quarter valued at $31,000. IFP Advisors Inc boosted its stake in Flowserve by 1,289.6% during the 2nd quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 619 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its holdings in Flowserve by 149.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 697 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 418 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Insider Transactions at Flowserve

In other Flowserve news, insider Susan Claire Hudson sold 10,667 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $70.01, for a total transaction of $746,796.67. Following the completion of the transaction, the insider directly owned 6,589 shares of the company’s stock, valued at $461,295.89. The trade was a 61.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lamar L. Duhon sold 1,609 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $69.51, for a total transaction of $111,841.59. Following the completion of the sale, the insider owned 15,116 shares in the company, valued at $1,050,713.16. The trade was a 9.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 59,276 shares of company stock worth $4,196,578. Insiders own 0.76% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FLS. UBS Group upped their target price on shares of Flowserve from $65.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Wall Street Zen upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Cowen reiterated a “buy” rating on shares of Flowserve in a research report on Tuesday, November 4th. Stifel Nicolaus set a $84.00 price target on Flowserve in a report on Thursday, October 30th. Finally, TD Cowen raised their price objective on Flowserve from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.33.

Flowserve Stock Performance

Shares of FLS stock opened at $67.28 on Thursday. The company has a market cap of $8.55 billion, a P/E ratio of 19.56, a PEG ratio of 1.38 and a beta of 1.32. The business has a 50 day moving average of $58.25 and a two-hundred day moving average of $54.04. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $72.08. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Tuesday, October 28th. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 19.41% and a net margin of 9.66%.The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $0.62 EPS. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. As a group, analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Company Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.