Arrowstreet Capital Limited Partnership Purchases New Holdings in Flowserve Co. (NYSE:FLS)

Arrowstreet Capital Limited Partnership bought a new position in Flowserve Co. (NYSE:FLS) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 47,700 shares of the industrial products company’s stock, valued at approximately $1,851,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Flowserve by 58.9% in the 1st quarter. BlackRock Inc. now owns 11,447,982 shares of the industrial products company’s stock worth $444,296,000 after buying an additional 4,244,530 shares in the last quarter. First Eagle Investment Management LLC lifted its position in Flowserve by 0.3% in the 1st quarter. First Eagle Investment Management LLC now owns 11,177,799 shares of the industrial products company’s stock worth $433,810,000 after buying an additional 37,796 shares in the last quarter. Norges Bank purchased a new stake in Flowserve in the 4th quarter worth approximately $55,395,000. Bank of New York Mellon Corp lifted its position in Flowserve by 18.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,388,595 shares of the industrial products company’s stock worth $53,891,000 after buying an additional 219,254 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Flowserve by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,220,073 shares of the industrial products company’s stock worth $44,960,000 after buying an additional 7,629 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

NYSE:FLS opened at $41.98 on Thursday. Flowserve Co. has a 1 year low of $25.87 and a 1 year high of $44.39. The firm has a fifty day moving average price of $41.82. The company has a quick ratio of 1.64, a current ratio of 2.26 and a debt-to-equity ratio of 0.75. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 1.93 and a beta of 1.78.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Sunday, May 2nd. The industrial products company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.09. The company had revenue of $857.31 million for the quarter, compared to analyst estimates of $813.29 million. Flowserve had a net margin of 3.54% and a return on equity of 13.96%. The business’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period last year, the business posted $0.21 EPS. Equities analysts anticipate that Flowserve Co. will post 1.68 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 9th. Shareholders of record on Friday, June 25th were given a $0.20 dividend. The ex-dividend date was Thursday, June 24th. This represents a $0.80 annualized dividend and a yield of 1.91%. Flowserve’s dividend payout ratio is 45.98%.

A number of research analysts have recently weighed in on the stock. TheStreet downgraded shares of Flowserve from a “b-” rating to a “c+” rating in a report on Monday, May 24th. Cowen upgraded shares of Flowserve from a “market perform” rating to an “outperform” rating and raised their price target for the company from $40.00 to $48.00 in a report on Wednesday, July 7th. Credit Suisse Group upgraded shares of Flowserve from a “neutral” rating to an “outperform” rating and raised their price target for the company from $43.00 to $48.00 in a report on Thursday, July 8th. Morgan Stanley raised their price target on shares of Flowserve from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Wednesday, May 5th. Finally, Zacks Investment Research downgraded shares of Flowserve from a “buy” rating to a “hold” rating and set a $44.00 price target on the stock. in a report on Tuesday, June 22nd. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $43.57.

Flowserve Company Profile

Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, the Middle East, Africa, the Asia Pacific, and Europe. It operates in two segments: Flowserve Pump Division (FPD) and Flow Control Division (FCD).

Read More: Initial Public Offering (IPO)

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Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

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