State Treasurer State of Michigan Has $1.69 Million Holdings in Flowserve Corporation (FLS)
State Treasurer State of Michigan reduced its position in shares of Flowserve Corporation (NYSE:FLS) by 7.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,675 shares of the industrial products company’s stock after selling 3,300 shares during the quarter. State Treasurer State of Michigan’s holdings in Flowserve Corporation were worth $1,690,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of FLS. Huntington National Bank raised its position in Flowserve Corporation by 28.0% during the second quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock worth $101,000 after acquiring an additional 480 shares in the last quarter. Creative Planning raised its position in Flowserve Corporation by 6.2% during the second quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 141 shares in the last quarter. Federated Investors Inc. PA raised its position in Flowserve Corporation by 1.8% during the second quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock worth $118,000 after acquiring an additional 46 shares in the last quarter. Evercore Wealth Management LLC raised its position in Flowserve Corporation by 41.2% during the second quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock worth $120,000 after acquiring an additional 756 shares in the last quarter. Finally, Sciencast Management LP bought a new stake in Flowserve Corporation during the second quarter worth $201,000.
Flowserve Corporation (NYSE:FLS) opened at $39.25 on Friday. The company has a current ratio of 2.12, a quick ratio of 1.29 and a debt-to-equity ratio of 0.85. The company has a market cap of $5,127.42, a P/E ratio of 25.16, a PEG ratio of 2.60 and a beta of 1.55.
Flowserve Corporation (NYSE:FLS) last released its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.03. Flowserve Corporation had a net margin of 4.58% and a return on equity of 12.09%. The business had revenue of $883.38 million for the quarter, compared to the consensus estimate of $871.20 million. During the same period in the prior year, the company posted $0.52 earnings per share. Flowserve Corporation’s revenue was down 6.6% compared to the same quarter last year. equities research analysts forecast that Flowserve Corporation will post 1.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were paid a $0.19 dividend. The ex-dividend date of this dividend was Thursday, September 21st. This represents a $0.76 annualized dividend and a dividend yield of 1.94%. Flowserve Corporation’s dividend payout ratio (DPR) is presently 58.92%.
Several analysts have issued reports on FLS shares. Zacks Investment Research lowered shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 10th. Citigroup Inc. reaffirmed a “neutral” rating and set a $51.00 price target (down from $54.00) on shares of Flowserve Corporation in a research report on Monday, July 10th. Wolfe Research initiated coverage on shares of Flowserve Corporation in a report on Tuesday, July 11th. They issued an “underperform” rating and a $38.00 price objective on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Flowserve Corporation in a report on Friday, July 14th. Finally, BidaskClub downgraded shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $44.27.
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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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