Caisse DE Depot ET Placement DU Quebec decreased its holdings in Flowserve Corp (NYSE:FLS) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,855,738 shares of the industrial products company’s stock after selling 31,200 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned 1.42% of Flowserve worth $74,972,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in FLS. Beutel Goodman & Co Ltd. bought a new position in shares of Flowserve in the second quarter worth $54,163,000. Caledonia Investments PLC bought a new position in shares of Flowserve in the second quarter worth $33,090,000. EdgePoint Investment Group Inc. grew its stake in shares of Flowserve by 4.5% in the second quarter. EdgePoint Investment Group Inc. now owns 14,533,419 shares of the industrial products company’s stock worth $587,150,000 after purchasing an additional 624,832 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Flowserve in the second quarter worth $17,663,000. Finally, Westfield Capital Management Co. LP grew its stake in shares of Flowserve by 17.5% in the first quarter. Westfield Capital Management Co. LP now owns 1,405,642 shares of the industrial products company’s stock worth $60,906,000 after purchasing an additional 209,038 shares in the last quarter.
FLS has been the subject of several recent analyst reports. Royal Bank of Canada reissued a “hold” rating and issued a $40.00 price target on shares of Flowserve in a research note on Friday, July 13th. Morgan Stanley initiated coverage on Flowserve in a research note on Monday, August 20th. They issued an “equal weight” rating and a $50.00 price target for the company. ValuEngine raised Flowserve from a “hold” rating to a “buy” rating in a research note on Wednesday, August 8th. DA Davidson set a $42.00 target price on Flowserve and gave the company a “hold” rating in a research note on Monday, May 14th. Finally, Zacks Investment Research raised Flowserve from a “sell” rating to a “hold” rating in a research note on Monday, August 13th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. Flowserve presently has an average rating of “Hold” and an average target price of $47.27.
Shares of FLS stock opened at $52.13 on Wednesday. Flowserve Corp has a fifty-two week low of $37.71 and a fifty-two week high of $53.17. The stock has a market cap of $6.82 billion, a P/E ratio of 38.32, a PEG ratio of 1.79 and a beta of 1.57. The company has a quick ratio of 1.61, a current ratio of 2.25 and a debt-to-equity ratio of 0.89.
Flowserve (NYSE:FLS) last announced its earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.08. Flowserve had a positive return on equity of 10.52% and a negative net margin of 0.79%. The business had revenue of $973.13 million during the quarter, compared to analysts’ expectations of $923.89 million. During the same quarter last year, the business posted $0.22 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. sell-side analysts predict that Flowserve Corp will post 1.69 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 21st will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $0.76 annualized dividend and a yield of 1.46%. Flowserve’s dividend payout ratio is currently 55.88%.
Flowserve Company Profile
Flowserve Corporation designs, 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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