Econ Financial Services Corp Buys New Stake in Flowserve Corporation $FLS

Econ Financial Services Corp purchased a new position in Flowserve Corporation (NYSE:FLS) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 12,838 shares of the industrial products company’s stock, valued at approximately $682,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in Flowserve by 135.6% during the 1st quarter. Royal Bank of Canada now owns 349,917 shares of the industrial products company’s stock valued at $17,089,000 after buying an additional 201,420 shares in the last quarter. Paradice Investment Management LLC bought a new position in shares of Flowserve during the 3rd quarter valued at approximately $17,970,000. Boston Partners bought a new position in shares of Flowserve during the 2nd quarter valued at approximately $223,561,000. Brian Low Financial Group LLC purchased a new position in shares of Flowserve in the third quarter valued at $1,007,000. Finally, Mandatum Life Insurance Co Ltd bought a new stake in Flowserve in the second quarter worth $2,618,000. Institutional investors own 93.93% of the company’s stock.

Insider Activity at Flowserve

In related news, insider Susan Claire Hudson sold 10,667 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $70.01, for a total value of $746,796.67. Following the transaction, the insider owned 6,589 shares of the company’s stock, valued at $461,295.89. This represents a 61.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $3,337,940.00. Following the transaction, the chief financial officer owned 52,628 shares in the company, valued at $3,737,640.56. The trade was a 47.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 59,276 shares of company stock worth $4,196,578. Company insiders own 0.76% of the company’s stock.

Flowserve Price Performance

FLS opened at $69.48 on Friday. The business has a fifty day moving average of $68.94 and a 200 day moving average of $58.62. The stock has a market cap of $8.83 billion, a P/E ratio of 20.20, a PEG ratio of 1.40 and a beta of 1.29. The company has a quick ratio of 1.54, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $74.63.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Tuesday, October 28th. The industrial products company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Flowserve had a net margin of 9.66% and a return on equity of 19.41%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.62 earnings per share. 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 EPS for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Friday, December 26th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, December 26th. Flowserve’s payout ratio is currently 24.42%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Royal Bank Of Canada increased their price objective on shares of Flowserve from $66.00 to $76.00 and gave the company an “outperform” rating in a research report on Thursday, October 30th. The Goldman Sachs Group increased their price target on shares of Flowserve from $71.00 to $80.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. Zacks Research lowered Flowserve from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. UBS Group boosted their price objective on Flowserve from $65.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $73.00 price objective (up from $60.00) on shares of Flowserve in a research note on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

Flowserve Profile

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.