State of Tennessee Treasury Department Grows Holdings in Flowserve Corporation (FLS)
State of Tennessee Treasury Department raised its stake in shares of Flowserve Corporation (NYSE:FLS) by 0.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,725 shares of the industrial products company’s stock after purchasing an additional 87 shares during the period. State of Tennessee Treasury Department’s holdings in Flowserve Corporation were worth $1,659,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Huntington National Bank boosted 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 valued at $101,000 after purchasing an additional 480 shares during the last quarter. Harbour Capital Advisors LLC bought a new position in shares of Flowserve Corporation during the 1st quarter valued at about $116,000. Creative Planning boosted 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 valued at $112,000 after purchasing an additional 141 shares during the last quarter. Federated Investors Inc. PA boosted 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 valued at $118,000 after purchasing an additional 46 shares during the last quarter. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Flowserve Corporation during the 1st quarter valued at about $151,000.
Several research analysts have commented on FLS shares. Susquehanna Bancshares Inc raised shares of Flowserve Corporation from a “neutral” rating to a “positive” rating and dropped their price objective for the company from $50.00 to $46.00 in a report on Tuesday, August 15th. BMO Capital Markets reissued an “outperform” rating and set 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 reissued a “buy” rating and set a $50.00 price objective on shares of Flowserve Corporation in a report on Thursday, August 10th. Zacks Investment Research downgraded shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Finally, BidaskClub raised shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. Flowserve Corporation has a consensus rating of “Hold” and an average target price of $47.45.
Flowserve Corporation (NYSE:FLS) opened at 42.57 on Thursday. Flowserve Corporation has a one year low of $37.51 and a one year high of $52.10. The company has a market cap of $5.56 billion, a P/E ratio of 53.21 and a beta of 1.45. The company has a 50 day moving average of $39.73 and a 200-day moving average of $45.48.
Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.21). The business had revenue of $877.00 million for 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 was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 earnings per share. On average, equities analysts expect that Flowserve Corporation will post $1.43 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $0.76 dividend on an annualized basis and a yield of 1.79%. Flowserve Corporation’s payout ratio is presently 98.70%.
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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