AMP Capital Investors Ltd lifted its holdings in shares of Flowserve Corp (NYSE:FLS) by 398.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 182,577 shares of the industrial products company’s stock after purchasing an additional 145,953 shares during the quarter. AMP Capital Investors Ltd owned approximately 0.14% of Flowserve worth $7,375,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. EdgePoint Investment Group Inc. increased its stake in shares of Flowserve by 4.5% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 14,533,419 shares of the industrial products company’s stock worth $587,150,000 after purchasing an additional 624,832 shares during the last quarter. FMR LLC increased its stake in shares of Flowserve by 0.5% during the 2nd quarter. FMR LLC now owns 9,337,955 shares of the industrial products company’s stock worth $377,253,000 after purchasing an additional 48,606 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in shares of Flowserve by 0.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 2,818,792 shares of the industrial products company’s stock worth $113,879,000 after purchasing an additional 25,172 shares during the last quarter. Beutel Goodman & Co Ltd. acquired a new position in shares of Flowserve during the 2nd quarter worth $54,163,000. Finally, Gabelli Funds LLC increased its stake in shares of Flowserve by 2.7% during the 2nd quarter. Gabelli Funds LLC now owns 1,648,700 shares of the industrial products company’s stock worth $66,607,000 after purchasing an additional 43,600 shares during the last quarter.
NYSE:FLS opened at $54.61 on Friday. Flowserve Corp has a 1 year low of $37.71 and a 1 year high of $55.15. The company has a current ratio of 2.25, a quick ratio of 1.61 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $6.91 billion, a P/E ratio of 40.15, a PEG ratio of 1.81 and a beta of 1.57.
Flowserve (NYSE:FLS) last posted its earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. Flowserve had a negative net margin of 0.79% and a positive return on equity of 10.52%. The business had revenue of $973.13 million for the quarter, compared to analyst estimates of $923.89 million. During the same period last year, the business posted $0.22 EPS. Flowserve’s revenue was up 11.0% compared to the same quarter last year. research analysts forecast that Flowserve Corp will post 1.69 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 21st will be paid a $0.19 dividend. The ex-dividend date is Thursday, September 20th. This represents a $0.76 dividend on an annualized basis and a yield of 1.39%. Flowserve’s payout ratio is presently 55.88%.
Several brokerages have recently commented on FLS. Northcoast Research upgraded shares of Flowserve from a “neutral” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research upgraded shares of Flowserve from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Tuesday. Morgan Stanley initiated coverage on shares of Flowserve in a research note on Monday, August 20th. They set an “equal weight” rating and a $50.00 price target on the stock. Cowen raised their target price on shares of Flowserve from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, August 14th. Finally, Oppenheimer reiterated a “hold” rating on shares of Flowserve in a research note on Tuesday, August 14th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. Flowserve presently has a consensus rating of “Hold” and a consensus target price of $48.33.
Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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