PNC Financial Services Group Inc. Acquires 1,347 Shares of Flowserve Corporation $FLS

PNC Financial Services Group Inc. increased its holdings in shares of Flowserve Corporation (NYSE:FLS) by 10.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,022 shares of the industrial products company’s stock after purchasing an additional 1,347 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Flowserve were worth $734,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in shares of Flowserve by 135.6% in the 1st quarter. Royal Bank of Canada now owns 349,917 shares of the industrial products company’s stock valued at $17,089,000 after acquiring an additional 201,420 shares in the last quarter. Hsbc Holdings PLC raised its holdings in Flowserve by 50.4% during the first quarter. Hsbc Holdings PLC now owns 163,402 shares of the industrial products company’s stock worth $7,915,000 after acquiring an additional 54,771 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in Flowserve by 96.2% during the first quarter. Atria Wealth Solutions Inc. now owns 11,429 shares of the industrial products company’s stock worth $558,000 after acquiring an additional 5,604 shares in the last quarter. Mandatum Life Insurance Co Ltd acquired a new position in Flowserve during the second quarter valued at approximately $2,618,000. Finally, Pinnacle Wealth Management LLC bought a new position in Flowserve in the first quarter valued at approximately $674,000. Institutional investors own 93.93% of the company’s stock.

Flowserve Trading Up 2.5%

Shares of Flowserve stock opened at $67.73 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 1.50. The business has a fifty day simple moving average of $58.67 and a two-hundred day simple moving average of $54.32. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $72.08. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 1.38 and a beta of 1.32.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Tuesday, October 28th. The industrial products company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a net margin of 9.66% and a return on equity of 19.41%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 earnings per share. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. Research analysts forecast that Flowserve Corporation will post 3.18 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Bank of America reiterated a “neutral” rating and set a $73.00 price objective (up previously from $60.00) on shares of Flowserve in a research note on Friday, November 14th. The Goldman Sachs Group boosted their target price on shares of Flowserve from $64.00 to $71.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. TD Cowen upped their price target on shares of Flowserve from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flowserve in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus set a $84.00 price objective on shares of Flowserve in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Flowserve currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.33.

Insiders Place Their Bets

In related news, insider Susan Claire Hudson sold 10,667 shares of Flowserve stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $70.01, for a total transaction of $746,796.67. Following the completion of the sale, the insider directly owned 6,589 shares of the company’s stock, valued at approximately $461,295.89. This trade represents a 61.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Amy B. Schwetz sold 47,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $71.02, for a total value of $3,337,940.00. Following the completion of the sale, the chief financial officer owned 52,628 shares of the company’s stock, valued at $3,737,640.56. This trade represents a 47.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 59,276 shares of company stock worth $4,196,578 over the last three months. Insiders own 0.76% of the company’s stock.

Flowserve Company Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.