Kornitzer Capital Management Inc. KS cut its position in shares of Flowserve Corporation (NYSE:FLS) by 13.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,975 shares of the industrial products company’s stock after selling 2,520 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Flowserve Corporation were worth $742,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Flowserve Corporation by 3,165.9% in the first quarter. BlackRock Inc. now owns 7,972,755 shares of the industrial products company’s stock worth $386,041,000 after buying an additional 7,728,637 shares in the last quarter. Causeway Capital Management LLC purchased a new stake in shares of Flowserve Corporation during the first quarter worth $88,532,000. Pictet Asset Management Ltd. boosted its stake in shares of 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 in the last quarter. First Eagle Investment Management LLC boosted its stake in shares of 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 in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of 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 in the last quarter.

Flowserve Corporation (NYSE FLS) opened at 39.84 on Wednesday. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of 44.27 and a beta of 1.46. Flowserve Corporation has a one year low of $39.13 and a one year high of $52.10. The company’s 50-day moving average price is $45.29 and its 200-day moving average price is $47.74.

Flowserve Corporation (NYSE:FLS) last announced its earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.43 by $0.21. The business had revenue of $877 million for the quarter, compared to the consensus estimate of $933.91 million. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.20%. The firm’s revenue was down 14.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. On average, analysts anticipate that Flowserve Corporation will post $1.52 EPS for the current year.

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FLS has been the subject of a number of research reports. Zacks Investment Research upgraded Flowserve Corporation from a “strong sell” rating to a “hold” rating in a research note on Monday, April 24th. Royal Bank Of Canada reiterated a “sell” rating and issued a $46.00 price objective on shares of Flowserve Corporation in a research note on Wednesday, May 3rd. BidaskClub upgraded Flowserve Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. BMO Capital Markets reiterated a “buy” rating and issued a $56.00 price objective on shares of Flowserve Corporation in a research note on Tuesday, June 27th. Finally, Wolfe Research initiated coverage on Flowserve Corporation in a report on Tuesday, July 11th. They issued an “underperform” rating and a $38.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Flowserve Corporation currently has an average rating of “Hold” and an average price target of $49.10.

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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Institutional Ownership by Quarter for Flowserve Corporation (NYSE:FLS)

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