Balyasny Asset Management LLC Acquires New Holdings in Flowserve Corporation (FLS)
Balyasny Asset Management LLC acquired a new stake in Flowserve Corporation (NYSE:FLS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 33,679 shares of the industrial products company’s stock, valued at approximately $1,564,000.
Other hedge funds have also recently bought and sold shares of the company. Huntington National Bank boosted its holdings in shares of Flowserve Corporation by 28.0% in the second quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock valued at $101,000 after acquiring an additional 480 shares during the period. Harbour Capital Advisors LLC acquired a new stake in shares of Flowserve Corporation in the first quarter valued at approximately $116,000. Creative Planning boosted its holdings in shares of Flowserve Corporation by 6.2% in the second quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock valued at $112,000 after acquiring an additional 141 shares during the period. Federated Investors Inc. PA boosted its holdings in shares of Flowserve Corporation by 1.8% in the second quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock valued at $118,000 after acquiring an additional 46 shares during the period. Finally, Evercore Wealth Management LLC boosted its holdings in shares of Flowserve Corporation by 41.2% in the second quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock valued at $120,000 after acquiring an additional 756 shares during the period.
FLS has been the subject of several research analyst reports. Cowen and Company reissued a “buy” rating and issued a $55.00 price objective on shares of Flowserve Corporation in a report on Friday, July 28th. BidaskClub cut Flowserve Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Robert W. Baird restated a “hold” rating and set a $43.00 price target on shares of Flowserve Corporation in a research note on Wednesday, October 4th. Wolfe Research upgraded Flowserve Corporation from an “underperform” rating to a “market perform” rating and set a $38.00 price target for the company in a research note on Monday, July 31st. Finally, Zacks Investment Research cut Flowserve Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $47.18.
Flowserve Corporation (FLS) opened at 44.38 on Friday. Flowserve Corporation has a 52-week low of $37.51 and a 52-week high of $52.10. The stock has a market cap of $5.80 billion, a PE ratio of 55.48 and a beta of 1.47. The firm has a 50-day moving average price of $41.58 and a 200 day moving average price of $45.09.
Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings data on Thursday, July 27th. The industrial products company reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.21). Flowserve Corporation had a return on equity of 13.32% and a net margin of 2.68%. The firm had revenue of $877.00 million during the quarter, compared to the consensus estimate of $933.91 million. During the same period in the prior year, the firm posted $0.57 EPS. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. Equities analysts anticipate that Flowserve Corporation will post $1.40 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Friday, September 22nd were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date was Thursday, September 21st. Flowserve Corporation’s dividend payout ratio is presently 98.70%.
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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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