Parametric Portfolio Associates LLC lifted its position in Flowserve Corp (NYSE:FLS) by 8.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 400,944 shares of the industrial products company’s stock after buying an additional 32,049 shares during the period. Parametric Portfolio Associates LLC owned about 0.31% of Flowserve worth $21,126,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. EdgePoint Investment Group Inc. raised its holdings in shares of Flowserve by 6.4% during the second quarter. EdgePoint Investment Group Inc. now owns 17,038,215 shares of the industrial products company’s stock valued at $897,744,000 after purchasing an additional 1,021,557 shares during the last quarter. Impax Asset Management Group plc raised its holdings in shares of Flowserve by 9.8% during the second quarter. Impax Asset Management Group plc now owns 1,023,513 shares of the industrial products company’s stock valued at $53,929,000 after purchasing an additional 91,426 shares during the last quarter. Natixis purchased a new position in shares of Flowserve during the second quarter valued at approximately $3,179,000. Ossiam purchased a new position in shares of Flowserve during the second quarter valued at approximately $117,000. Finally, Cibc World Markets Corp raised its holdings in shares of Flowserve by 24.7% during the second quarter. Cibc World Markets Corp now owns 27,392 shares of the industrial products company’s stock valued at $1,443,000 after purchasing an additional 5,431 shares during the last quarter. Hedge funds and other institutional investors own 97.15% of the company’s stock.
Several research analysts have recently weighed in on FLS shares. Stifel Nicolaus boosted their price objective on shares of Flowserve from $49.00 to $52.00 and gave the company a “hold” rating in a report on Monday, July 15th. TheStreet cut shares of Flowserve from a “b-” rating to a “c+” rating in a report on Tuesday, August 20th. Credit Suisse Group raised shares of Flowserve from a “neutral” rating to an “outperform” rating and set a $54.00 price objective for the company in a report on Friday, August 2nd. Citigroup decreased their price objective on shares of Flowserve from $61.00 to $58.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley decreased their price objective on shares of Flowserve from $47.00 to $43.00 and set an “underweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Flowserve currently has a consensus rating of “Hold” and an average price target of $50.56.
Flowserve (NYSE:FLS) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.03. Flowserve had a net margin of 5.41% and a return on equity of 15.75%. The business had revenue of $990.08 million during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis. As a group, research analysts expect that Flowserve Corp will post 2.2 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Friday, September 20th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $0.76 dividend on an annualized basis and a yield of 1.58%. Flowserve’s dividend payout ratio is currently 43.43%.
Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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