CIBC World Markets Inc. purchased a new stake in shares of Flowserve Corporation (NYSE:FLS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 23,806 shares of the industrial products company’s stock, valued at approximately $1,105,000.

Other large investors have also recently modified their holdings of the company. GAM Holding AG lifted its holdings in Flowserve Corporation by 2.4% during the second quarter. GAM Holding AG now owns 56,822 shares of the industrial products company’s stock valued at $2,638,000 after purchasing an additional 1,306 shares in the last quarter. Bank of America Corp DE lifted its holdings in Flowserve Corporation by 21.1% during the first quarter. Bank of America Corp DE now owns 530,492 shares of the industrial products company’s stock valued at $25,686,000 after purchasing an additional 92,488 shares in the last quarter. World Asset Management Inc lifted its holdings in Flowserve Corporation by 15.6% during the first quarter. World Asset Management Inc now owns 14,777 shares of the industrial products company’s stock valued at $716,000 after purchasing an additional 1,989 shares in the last quarter. Legal & General Group Plc lifted its holdings in Flowserve Corporation by 2.9% during the second quarter. Legal & General Group Plc now owns 649,800 shares of the industrial products company’s stock valued at $30,170,000 after purchasing an additional 18,039 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Flowserve Corporation by 29.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,682 shares of the industrial products company’s stock valued at $469,000 after purchasing an additional 2,204 shares in the last quarter.

Flowserve Corporation (FLS) opened at 41.39 on Friday. The stock has a 50 day moving average of $39.70 and a 200 day moving average of $45.58. Flowserve Corporation has a 12-month low of $37.51 and a 12-month high of $52.10. The stock has a market cap of $5.41 billion, a P/E ratio of 51.74 and a beta of 1.45.

Flowserve Corporation (NYSE:FLS) last released its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.21). Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. The company had revenue of $877.00 million during the quarter, compared to analyst estimates of $933.91 million. During the same period in the prior year, the business posted $0.57 EPS. Flowserve Corporation’s revenue was down 14.6% compared to the same quarter last year. On average, equities research analysts anticipate that Flowserve Corporation will post $1.43 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be paid a $0.19 dividend. The ex-dividend date is Thursday, September 21st. This represents a $0.76 dividend on an annualized basis and a yield of 1.84%. Flowserve Corporation’s dividend payout ratio is currently 98.70%.

Several equities analysts have weighed in on FLS shares. Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Flowserve Corporation in a report on Friday, July 14th. BMO Capital Markets reaffirmed a “buy” rating and set a $56.00 price target on shares of Flowserve Corporation in a report on Tuesday, June 27th. Cowen and Company reaffirmed a “buy” rating and set a $55.00 price target on shares of Flowserve Corporation in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $45.00 price target on shares of Flowserve Corporation in a report on Sunday, September 3rd. Finally, Zacks Investment Research raised shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $47.45.

ILLEGAL ACTIVITY NOTICE: This piece was first published by Daily Political and is the property of of Daily Political. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this piece can be read at https://www.dailypolitical.com/2017/09/16/cibc-world-markets-inc-invests-1-11-million-in-flowserve-corporation-fls-stock.html.

Flowserve Corporation Company Profile

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.

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

Receive News & Ratings for Flowserve Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flowserve Corporation and related companies with MarketBeat.com's FREE daily email newsletter.