Flowserve Corp. (FLS) Stake Decreased by Essex Investment Management Co. LLC
Essex Investment Management Co. LLC cut its position in shares of Flowserve Corp. (NYSE:FLS) by 1.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,985 shares of the company’s stock after selling 223 shares during the period. Essex Investment Management Co. LLC’s holdings in Flowserve Corp. were worth $858,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in FLS. Seven Eight Capital LLC acquired a new stake in shares of Flowserve Corp. during the first quarter valued at about $124,000. Strs Ohio boosted its stake in shares of Flowserve Corp. by 124.7% in the second quarter. Strs Ohio now owns 4,097 shares of the company’s stock valued at $185,000 after buying an additional 2,274 shares during the period. Marshwinds Advisory Co. acquired a new stake in shares of Flowserve Corp. during the second quarter valued at about $203,000. Boys Arnold & Co. Inc. acquired a new stake in shares of Flowserve Corp. during the second quarter valued at about $414,000. Finally, John G Ullman & Associates Inc. acquired a new stake in shares of Flowserve Corp. during the second quarter valued at about $470,000. 98.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Flowserve Corp. (NYSE:FLS) traded down 0.98% during mid-day trading on Tuesday, reaching $47.72. 746,731 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 $6.22 billion, a price-to-earnings ratio of 23.65 and a beta of 1.65. The stock has a 50 day moving average price of $47.76 and a 200 day moving average price of $47.02.
Flowserve Corp. (NYSE:FLS) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.03. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The firm earned $1.03 billion during the quarter, compared to analysts’ expectations of $1,000 million. During the same quarter in the prior year, the business earned $0.80 EPS. The company’s quarterly revenue was down 11.7% compared to the same quarter last year. Equities research analysts predict that Flowserve Corp. will post $2.42 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is currently 37.81%.
Several equities research analysts have issued reports on the stock. Northcoast Research reaffirmed a “neutral” rating on shares of Flowserve Corp. in a research note on Tuesday, August 16th. BMO Capital Markets lowered their target price on shares of Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday, August 1st. Oppenheimer Holdings Inc. reaffirmed a “” rating on shares of Flowserve Corp. in a research note on Thursday, September 8th. Zacks Investment Research cut shares of Flowserve Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 23rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 target price on shares of Flowserve Corp. in a research note on Tuesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Flowserve Corp. currently has a consensus rating of “Hold” and a consensus price target of €61.97 ($68.85).
In related news, COO Thomas L. Pajonas sold 35,000 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of €45.49 ($50.54), for a total transaction of €1,592,150.00 ($1,769,055.56). Following the sale, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark A. Blinn sold 84,261 shares of the 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 sale, the chief executive officer now directly owns 397,687 shares in the company, valued at approximately €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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