Pitcairn Co. Cuts Stake in Flowserve Corp. (FLS)
Pitcairn Co. decreased its stake in shares of Flowserve Corp. (NYSE:FLS) by 56.0% during the second quarter, Holdings Channel reports. The firm owned 14,452 shares of the company’s stock after selling 18,420 shares during the period. Pitcairn Co.’s holdings in Flowserve Corp. were worth $653,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the stock. Stoneridge Investment Partners LLC acquired a new stake in Flowserve Corp. during the second quarter worth approximately $623,000. Bank of Montreal Can acquired a new stake in Flowserve Corp. during the second quarter worth approximately $3,149,000. Shell Asset Management Co. boosted 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 worth $528,000 after buying an additional 4,714 shares during the last quarter. Miller Howard Investments Inc. NY boosted its stake in Flowserve Corp. by 15.6% in the second quarter. Miller Howard Investments Inc. NY now owns 184,723 shares of the company’s stock worth $8,344,000 after buying an additional 24,985 shares during the last quarter. Finally, John G Ullman & Associates Inc. acquired a new stake in Flowserve Corp. during the second quarter worth approximately $470,000. Institutional investors and hedge funds own 98.49% of the company’s stock.
Shares of Flowserve Corp. (NYSE:FLS) traded up 2.23% during mid-day trading on Thursday, hitting $48.17. The stock had a trading volume of 440,163 shares. Flowserve Corp. has a 12 month low of $33.86 and a 12 month high of $52.50. The company has a market cap of $6.28 billion, a PE ratio of 23.87 and a beta of 1.76. The stock’s 50-day moving average is $47.83 and its 200 day moving average is $46.87.
Flowserve Corp. (NYSE:FLS) last issued its quarterly earnings results 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. Flowserve Corp. had a return on equity of 20.30% and a net margin of 6.10%. The business 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 business posted $0.80 earnings per share. Flowserve Corp.’s revenue was down 11.7% on a year-over-year basis. On average, equities research analysts forecast that Flowserve Corp. will post $2.42 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is currently 37.81%.
Several brokerages recently weighed in on FLS. BMO Capital Markets decreased their price objective on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, August 1st. Zacks Investment Research lowered Flowserve Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 23rd. Oppenheimer Holdings Inc. reissued a “” rating on shares of Flowserve Corp. in a report on Thursday, September 8th. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 price objective on shares of Flowserve Corp. in a report on Tuesday, August 2nd. Finally, Northcoast Research reissued a “neutral” rating on shares of Flowserve Corp. in a report on Tuesday, August 16th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. Flowserve Corp. currently has an average rating of “Hold” and an average target price of €61.97 ($68.85).
In related news, Director William C. Rusnack sold 2,169 shares of the firm’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 sale, the director now directly owns 2,783 shares of the company’s stock, valued at approximately €130,021.76 ($144,468.62). The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark A. Blinn sold 84,261 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was 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 sale, the chief executive officer now directly 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. Corporate 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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