Flowserve Corp. (FLS) Position Raised by Prudential Financial Inc.
Prudential Financial Inc. boosted its position in shares of Flowserve Corp. (NYSE:FLS) by 11.8% during the second quarter, according to its most recent filing with the SEC. The firm owned 180,179 shares of the company’s stock after buying an additional 19,020 shares during the period. Prudential Financial Inc. owned 0.14% of Flowserve Corp. worth $8,139,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Seven Eight Capital LLC purchased a new position in shares of Flowserve Corp. during the first quarter worth about $124,000. Whittier Trust Co. raised its stake in shares of Flowserve Corp. by 194.6% in the second quarter. Whittier Trust Co. now owns 3,865 shares of the company’s stock worth $175,000 after buying an additional 2,553 shares in the last quarter. Strs Ohio raised 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 worth $185,000 after buying an additional 2,274 shares in the last quarter. Marshwinds Advisory Co. bought a new stake in shares of Flowserve Corp. during the second quarter worth $203,000. Finally, Neuberger Berman Group LLC bought a new stake in shares of Flowserve Corp. during the second quarter worth $224,000. 98.49% of the stock is currently owned by institutional investors and hedge funds.
Flowserve Corp. (NYSE:FLS) traded down 2.36% during midday trading on Friday, reaching $46.75. 725,959 shares of the company’s stock traded hands. 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 $6.10 billion, a P/E ratio of 23.17 and a beta of 1.65. The company’s 50-day moving average price is $47.68 and its 200-day moving average price is $47.03.
Flowserve Corp. (NYSE:FLS) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.03. The company earned $1.03 billion during the quarter, compared to the consensus estimate of $1,000 million. Flowserve Corp. had a return on equity of 20.30% and a net margin of 6.10%. Flowserve Corp.’s quarterly revenue was down 11.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 EPS. On average, equities analysts predict that Flowserve Corp. will post $2.42 EPS for the current fiscal 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 issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Wednesday, September 28th. Flowserve Corp.’s payout ratio is 37.81%.
FLS has been the topic of a number of research analyst reports. Oppenheimer Holdings Inc. restated a “” rating on shares of Flowserve Corp. in a research report on Thursday, September 8th. Stifel Nicolaus restated a “buy” rating and issued a $54.00 target price on shares of Flowserve Corp. in a research report on Tuesday, August 2nd. BMO Capital Markets cut 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 report on Monday, August 1st. Northcoast Research restated a “neutral” rating on shares of Flowserve Corp. in a research report on Tuesday, August 16th. Finally, Zacks Investment Research lowered shares of Flowserve Corp. from a “hold” rating to a “sell” rating in a research report on Monday, September 5th. 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 stock. The company has a consensus rating of “Hold” and an average price target of €61.97 ($68.85).
In related news, 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 transaction of €3,833,875.50 ($4,259,861.67). Following the transaction, the chief executive officer now owns 397,687 shares of the company’s stock, valued at approximately €18,094,758.50 ($20,105,287.22). The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Thomas L. Pajonas sold 35,000 shares of the stock in a transaction on Tuesday, August 2nd. The shares were 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 transaction, the chief operating officer now directly owns 99,487 shares in the company, valued at approximately €4,525,663.63 ($5,028,515.14). The disclosure for this sale can be found here. 0.95% of the stock is currently owned by insiders.
About Flowserve Corp.
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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