Principal Financial Group Inc. Sells 1,287,757 Shares of Flowserve Corp (NYSE:FLS)

Principal Financial Group Inc. lessened its stake in shares of Flowserve Corp (NYSE:FLS) by 87.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 191,014 shares of the industrial products company’s stock after selling 1,287,757 shares during the period. Principal Financial Group Inc. owned about 0.15% of Flowserve worth $8,135,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the business. Federated Investors Inc. PA increased its stake in shares of Flowserve by 1.8% during the second quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock worth $118,000 after purchasing an additional 46 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Flowserve by 0.3% in the 2nd quarter. CIBC Asset Management Inc now owns 13,385 shares of the industrial products company’s stock valued at $621,000 after acquiring an additional 46 shares during the last quarter. Sentry Investment Management LLC lifted its stake in shares of Flowserve by 1.0% in the 2nd quarter. Sentry Investment Management LLC now owns 9,306 shares of the industrial products company’s stock valued at $432,000 after acquiring an additional 89 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Flowserve by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 32,392 shares of the industrial products company’s stock valued at $1,504,000 after acquiring an additional 100 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in Flowserve by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,100 shares of the industrial products company’s stock worth $376,000 after purchasing an additional 100 shares during the last quarter.

Shares of Flowserve Corp (FLS) traded up $0.17 during mid-day trading on Friday, reaching $42.13. 678,911 shares of the company’s stock were exchanged, compared to its average volume of 1,072,901. The company has a market cap of $5,481.44, a PE ratio of 32.66, a price-to-earnings-growth ratio of 3.40 and a beta of 1.53. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.12 and a quick ratio of 1.30. Flowserve Corp has a 1-year low of $37.51 and a 1-year high of $52.10.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. Flowserve had a net margin of 4.58% and a return on equity of 12.09%. The firm had revenue of $883.38 million during the quarter, compared to analyst estimates of $871.20 million. During the same period in the previous year, the business earned $0.52 EPS. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. analysts forecast that Flowserve Corp will post 1.37 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be given a $0.19 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.76 annualized dividend and a yield of 1.80%. Flowserve’s dividend payout ratio (DPR) is presently 58.92%.

FLS has been the subject of several analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $45.00 target price on shares of Flowserve in a research report on Sunday, September 3rd. Robert W. Baird restated a “hold” rating and issued a $43.00 target price on shares of Flowserve in a research note on Wednesday, October 4th. KeyCorp reiterated a “hold” rating on shares of Flowserve in a research note on Thursday, September 28th. Boenning Scattergood reiterated a “hold” rating on shares of Flowserve in a research note on Thursday, November 2nd. Finally, Zacks Investment Research upgraded Flowserve from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Flowserve currently has an average rating of “Hold” and an average target price of $43.33.

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About Flowserve

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 (NYSE:FLS)

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