EdgePoint Investment Group Inc. lifted its stake in shares of Flowserve Corporation (NYSE:FLS) by 22.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,307,455 shares of the industrial products company’s stock after acquiring an additional 1,146,084 shares during the period. Flowserve Corporation accounts for approximately 4.6% of EdgePoint Investment Group Inc.’s portfolio, making the stock its 12th biggest position. EdgePoint Investment Group Inc. owned about 4.83% of Flowserve Corporation worth $292,855,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of FLS. Huntington National Bank raised its holdings in shares of Flowserve Corporation by 28.0% during the 2nd quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock worth $101,000 after acquiring an additional 480 shares during the period. Creative Planning raised its holdings in shares of Flowserve Corporation by 6.2% during the 2nd quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 141 shares during the period. Harbour Capital Advisors LLC purchased a new position in shares of Flowserve Corporation during the 1st quarter worth $116,000. Federated Investors Inc. PA raised its holdings in shares of Flowserve Corporation by 1.8% during the 2nd quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock worth $118,000 after acquiring an additional 46 shares during the period. Finally, Ameritas Investment Partners Inc. purchased a new position in shares of Flowserve Corporation during the 1st quarter worth $151,000.
Shares of Flowserve Corporation (FLS) traded up 0.07% during mid-day trading on Friday, reaching $41.39. 1,349,033 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $39.70 and a 200 day moving average price of $45.58. 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 $5.41 billion, a price-to-earnings ratio of 51.74 and a beta of 1.45.
Flowserve Corporation (NYSE:FLS) last released its quarterly earnings data on Thursday, July 27th. The industrial products company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.21). The firm had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $933.91 million. Flowserve Corporation had a return on equity of 13.32% and a net margin of 2.68%. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 earnings per share. Equities research analysts predict that Flowserve Corporation will post $1.43 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 22nd will be issued a $0.19 dividend. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.84%. Flowserve Corporation’s dividend payout ratio (DPR) is 98.70%.
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Several research firms have recently commented on FLS. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Flowserve Corporation in a report on Monday, July 31st. Zacks Investment Research lowered Flowserve Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Susquehanna Bancshares Inc upgraded Flowserve Corporation from a “neutral” rating to a “positive” rating and reduced their price target for the stock from $50.00 to $46.00 in a report on Tuesday, August 15th. Cowen and Company reiterated a “buy” rating and set a $50.00 price target on shares of Flowserve Corporation in a report on Thursday, August 10th. Finally, UBS AG upgraded shares of Flowserve Corporation from a “neutral” rating to a “positive” rating in a report on Tuesday, August 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. Flowserve Corporation presently has a consensus rating of “Hold” and an average target price of $47.45.
Flowserve Corporation 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.
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