Granite Investment Partners LLC Decreases Stock Holdings in Flowserve Corporation $FLS

Granite Investment Partners LLC reduced its position in shares of Flowserve Corporation (NYSE:FLS) by 12.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 54,807 shares of the industrial products company’s stock after selling 7,836 shares during the quarter. Granite Investment Partners LLC’s holdings in Flowserve were worth $2,869,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Flowserve by 5.4% during the first quarter. Wellington Management Group LLP now owns 4,856,358 shares of the industrial products company’s stock valued at $237,185,000 after acquiring an additional 248,273 shares during the last quarter. Boston Partners purchased a new position in Flowserve during the 2nd quarter valued at about $223,561,000. Earnest Partners LLC raised its position in Flowserve by 6.8% during the 1st quarter. Earnest Partners LLC now owns 2,741,538 shares of the industrial products company’s stock valued at $133,897,000 after purchasing an additional 173,528 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Flowserve by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,443,456 shares of the industrial products company’s stock worth $119,332,000 after buying an additional 75,374 shares during the period. Finally, Nuveen LLC purchased a new stake in Flowserve in the 1st quarter worth approximately $111,598,000. Institutional investors own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Stifel Nicolaus set a $84.00 target price on Flowserve in a research note on Thursday, October 30th. Citigroup boosted their price objective on shares of Flowserve from $68.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Bank of America restated a “neutral” rating and issued a $73.00 price objective (up from $60.00) on shares of Flowserve in a report on Friday, November 14th. Cowen reaffirmed a “buy” rating on shares of Flowserve in a research note on Tuesday, November 4th. Finally, TD Cowen increased their price target on shares of Flowserve from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.33.

Flowserve Stock Down 1.3%

Shares of Flowserve stock opened at $69.96 on Wednesday. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $72.08. The firm has a market cap of $8.89 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 1.43 and a beta of 1.30. The company has a 50-day moving average of $60.58 and a 200 day moving average of $55.35. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 1.54.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Tuesday, October 28th. The industrial products company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Flowserve had a net margin of 9.66% and a return on equity of 19.41%. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the company earned $0.62 earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. As a group, sell-side analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Insider Activity at Flowserve

In other news, CFO Amy B. Schwetz sold 47,000 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $71.02, for a total transaction of $3,337,940.00. Following the completion of the transaction, the chief financial officer directly owned 52,628 shares in the company, valued at $3,737,640.56. This trade represents a 47.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Susan Claire Hudson sold 10,667 shares of the company’s stock in a transaction dated 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 transaction, the insider owned 6,589 shares in the company, valued at approximately $461,295.89. The trade was a 61.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 59,276 shares of company stock valued at $4,196,578 in the last 90 days. Corporate insiders own 0.72% of the company’s stock.

Flowserve 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.