JPMorgan Chase & Co. cut its stake in Flowserve Corp (NYSE:FLS) by 6.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 242,848 shares of the industrial products company’s stock after selling 16,982 shares during the period. JPMorgan Chase & Co. owned approximately 0.19% of Flowserve worth $10,321,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Investors Inc. PA boosted its position in shares of Flowserve by 1.8% in 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 during the last quarter. Evercore Wealth Management LLC boosted its position in shares of Flowserve by 41.2% in 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 during the last quarter. Sciencast Management LP acquired a new stake in shares of Flowserve in the second quarter worth approximately $201,000. Blair William & Co. IL acquired a new stake in shares of Flowserve in the second quarter worth approximately $204,000. Finally, Commerce Bank acquired a new stake in shares of Flowserve in the third quarter worth approximately $217,000.
Several equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Flowserve from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Citigroup restated a “neutral” rating and issued a $48.00 price target (up previously from $46.00) on shares of Flowserve in a report on Monday, October 9th. KeyCorp restated a “hold” rating on shares of Flowserve in a report on Thursday, September 28th. Stifel Nicolaus lowered shares of Flowserve from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a report on Monday, December 11th. Finally, Goldman Sachs Group lowered shares of Flowserve from a “neutral” rating to a “sell” rating and cut their price target for the company from $42.65 to $37.00 in a report on Thursday, December 7th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $43.33.
Flowserve (NYSE:FLS) last posted its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. The company had revenue of $883.38 million for the quarter, compared to analyst estimates of $871.20 million. Flowserve had a net margin of 4.58% and a return on equity of 12.09%. The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. sell-side analysts forecast that Flowserve Corp will post 1.38 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.84%. Flowserve’s dividend payout ratio is currently 58.92%.
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Flowserve Company Profile
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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