Clinton Group Inc. Purchases Shares of 26,424 Flowserve Corporation (FLS)
Clinton Group Inc. purchased a new position in shares of Flowserve Corporation (NYSE:FLS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 26,424 shares of the industrial products company’s stock, valued at approximately $1,227,000.
Other institutional investors have also made changes to their positions in the company. Huntington National Bank lifted its holdings in Flowserve Corporation by 28.0% in the 2nd quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock worth $101,000 after buying an additional 480 shares in the last quarter. Harbour Capital Advisors LLC acquired a new position in Flowserve Corporation in the 1st quarter worth $116,000. Creative Planning lifted its holdings in Flowserve Corporation by 6.2% in the 2nd quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock worth $112,000 after buying an additional 141 shares in the last quarter. Federated Investors Inc. PA lifted its holdings in Flowserve Corporation by 1.8% in the 2nd quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock worth $118,000 after buying an additional 46 shares in the last quarter. Finally, Evercore Wealth Management LLC lifted its holdings in Flowserve Corporation by 41.2% in the 2nd quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock worth $120,000 after buying an additional 756 shares in the last quarter.
Shares of Flowserve Corporation (FLS) opened at 43.04 on Thursday. Flowserve Corporation has a 52 week low of $37.51 and a 52 week high of $52.10. The stock has a 50 day moving average of $40.53 and a 200-day moving average of $45.21. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 53.80 and a beta of 1.47.
Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.21). The company had revenue of $877.00 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. Equities research analysts expect that Flowserve Corporation will post $1.40 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 22nd will be given a $0.19 dividend. The ex-dividend date is Thursday, September 21st. This represents a $0.76 annualized dividend and a yield of 1.76%. Flowserve Corporation’s dividend payout ratio is 98.70%.
A number of equities analysts have commented on FLS shares. Susquehanna Bancshares Inc upgraded shares of Flowserve Corporation from a “neutral” rating to a “positive” rating and cut their price objective for the stock from $50.00 to $46.00 in a report on Tuesday, August 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $47.00 price objective (down previously from $56.00) on shares of Flowserve Corporation in a report on Friday, July 28th. Cowen and Company reiterated a “buy” rating and issued a $50.00 price objective on shares of Flowserve Corporation in a report on Thursday, August 10th. Zacks Investment Research lowered shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Finally, BidaskClub upgraded shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Three research 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. Flowserve Corporation currently has a consensus rating of “Hold” and an average price target of $47.45.
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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