First Trust Advisors LP Boosts Stake in Flowserve Corp (FLS)
First Trust Advisors LP lifted its stake in shares of Flowserve Corp (NYSE:FLS) by 11.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 247,123 shares of the industrial products company’s stock after buying an additional 24,533 shares during the quarter. First Trust Advisors LP’s holdings in Flowserve were worth $10,411,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mutual of America Capital Management LLC raised its stake in Flowserve by 13.3% in the 3rd quarter. Mutual of America Capital Management LLC now owns 26,635 shares of the industrial products company’s stock worth $1,134,000 after purchasing an additional 3,134 shares in the last quarter. APG Asset Management N.V. raised its stake in Flowserve by 15.6% in the 3rd quarter. APG Asset Management N.V. now owns 129,642 shares of the industrial products company’s stock worth $5,521,000 after purchasing an additional 17,500 shares in the last quarter. Nationwide Fund Advisors raised its stake in Flowserve by 11.6% in the 3rd quarter. Nationwide Fund Advisors now owns 49,927 shares of the industrial products company’s stock worth $2,126,000 after purchasing an additional 5,200 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Flowserve in the 3rd quarter worth about $322,000. Finally, Andra AP fonden raised its stake in Flowserve by 57.4% in the 3rd quarter. Andra AP fonden now owns 31,000 shares of the industrial products company’s stock worth $1,320,000 after purchasing an additional 11,300 shares in the last quarter.
Several brokerages have weighed in on FLS. Zacks Investment Research cut shares of Flowserve from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Stifel Nicolaus dropped their price objective on shares of Flowserve from $47.00 to $44.00 and set a “hold” rating for the company in a research note on Tuesday, February 20th. Royal Bank of Canada upgraded shares of Flowserve from an “underperform” rating to a “sector perform” rating in a research note on Tuesday, February 20th. BMO Capital Markets cut shares of Flowserve from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $51.00 to $41.00 in a research note on Friday, November 3rd. Finally, Seaport Global Securities cut shares of Flowserve from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $60.00 to $40.00 in a research note on Friday, November 3rd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.67.
Flowserve (NYSE:FLS) last released its earnings results on Thursday, February 15th. The industrial products company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.02). The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. Flowserve had a negative net margin of 0.04% and a positive return on equity of 10.36%. Flowserve’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. equities research analysts predict that Flowserve Corp will post 1.65 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Thursday, March 29th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Wednesday, March 28th. Flowserve’s dividend payout ratio (DPR) is presently -3,800.00%.
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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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