Cornerstone Capital Management Holdings LLC. Has $1.08 Million Stake in Flowserve Corporation (FLS)
Cornerstone Capital Management Holdings LLC. cut its position in Flowserve Corporation (NYSE:FLS) by 1.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,300 shares of the industrial products company’s stock after selling 350 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Flowserve Corporation were worth $1,079,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pictet Asset Management Ltd. boosted its position in Flowserve Corporation by 1,673.3% in the first quarter. Pictet Asset Management Ltd. now owns 1,194,634 shares of the industrial products company’s stock worth $57,845,000 after buying an additional 1,127,266 shares during the period. Norges Bank bought a new position in Flowserve Corporation during the fourth quarter worth approximately $53,541,000. First Eagle Investment Management LLC boosted its position in Flowserve Corporation by 4.5% in the first quarter. First Eagle Investment Management LLC now owns 12,543,436 shares of the industrial products company’s stock worth $607,353,000 after buying an additional 534,815 shares during the period. Wells Fargo & Company MN boosted its position in Flowserve Corporation by 33.9% in the first quarter. Wells Fargo & Company MN now owns 1,914,308 shares of the industrial products company’s stock worth $92,691,000 after buying an additional 485,008 shares during the period. Finally, Neuberger Berman Group LLC boosted its position in Flowserve Corporation by 8,969.4% in the first quarter. Neuberger Berman Group LLC now owns 409,757 shares of the industrial products company’s stock worth $19,840,000 after buying an additional 405,239 shares during the period. 98.67% of the stock is owned by hedge funds and other institutional investors.
Shares of Flowserve Corporation (NYSE FLS) traded down 3.35% on Tuesday, reaching $45.94. 88,422 shares of the company were exchanged. The firm has a market capitalization of $6.00 billion, a PE ratio of 49.40 and a beta of 1.52. Flowserve Corporation has a 12-month low of $39.13 and a 12-month high of $52.10. The stock’s 50-day moving average is $48.64 and its 200 day moving average is $48.71.
Flowserve Corporation (NYSE:FLS) last released its earnings results on Monday, May 1st. The industrial products company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.05. The company had revenue of $863.63 million during the quarter, compared to the consensus estimate of $817.56 million. Flowserve Corporation had a return on equity of 15.76% and a net margin of 3.12%. Flowserve Corporation’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. On average, analysts forecast that Flowserve Corporation will post $1.77 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Investors of record on Friday, June 23rd will be given a $0.19 dividend. The ex-dividend date is Wednesday, June 21st. This represents a $0.76 dividend on an annualized basis and a yield of 1.60%. Flowserve Corporation’s payout ratio is 81.72%.
A number of research analysts have recently commented on FLS shares. BMO Capital Markets raised shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $46.00 to $53.00 in a report on Monday, March 27th. Zacks Investment Research raised shares of Flowserve Corporation from a “strong sell” rating to a “hold” rating in a report on Monday, April 24th. Jefferies Group LLC reissued a “buy” rating and issued a $90.00 target price on shares of Flowserve Corporation in a report on Tuesday, March 28th. Royal Bank Of Canada reissued a “sell” rating and issued a $46.00 target price on shares of Flowserve Corporation in a report on Wednesday, May 3rd. Finally, Robert W. Baird raised shares of Flowserve Corporation from an “underperform” rating to a “neutral” rating and set a $43.00 target price for the company in a report on Wednesday, March 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $57.86.
About Flowserve Corporation
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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