Eqis Capital Management Inc. cut its position in shares of Flowserve Corp (NYSE:FLS) by 20.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,664 shares of the industrial products company’s stock after selling 9,088 shares during the period. Eqis Capital Management Inc.’s holdings in Flowserve were worth $1,826,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FLS. Valeo Financial Advisors LLC increased its position in shares of Flowserve by 1,211.5% during the second quarter. Valeo Financial Advisors LLC now owns 682 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 630 shares during the period. Municipal Employees Retirement System of Michigan bought a new stake in Flowserve in the fourth quarter valued at $128,000. Bluestein R H & Co. bought a new stake in Flowserve in the first quarter valued at $203,000. Cubic Asset Management LLC bought a new stake in Flowserve in the first quarter valued at $207,000. Finally, Synovus Financial Corp grew its position in Flowserve by 16.7% in the first quarter. Synovus Financial Corp now owns 4,558 shares of the industrial products company’s stock valued at $207,000 after acquiring an additional 651 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.
Shares of FLS stock traded down $0.40 during trading hours on Wednesday, hitting $50.99. 9,268 shares of the company’s stock were exchanged, compared to its average volume of 765,799. The company has a 50-day moving average price of $51.48. The company has a current ratio of 2.17, a quick ratio of 1.57 and a debt-to-equity ratio of 0.91. The firm has a market cap of $6.71 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 1.51 and a beta of 1.62. Flowserve Corp has a 52 week low of $35.88 and a 52 week high of $56.86.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Friday, June 21st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Thursday, June 20th. Flowserve’s payout ratio is presently 43.43%.
A number of analysts have weighed in on the company. Citigroup set a $12.00 price target on Avaya and gave the company a “hold” rating in a research report on Monday, July 8th. ValuEngine cut Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Zacks Investment Research upgraded HANNOVER RUECK/S from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Stifel Nicolaus set a $113.00 price target on Neurocrine Biosciences and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Morgan Stanley upped their price target on Williams-Sonoma from $52.00 to $56.00 and gave the company an “underweight” rating in a research report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. Flowserve currently has a consensus rating of “Hold” and an average target price of $50.08.
In other news, insider John Lenander sold 5,761 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $49.32, for a total transaction of $284,132.52. Following the sale, the insider now owns 16,568 shares in the company, valued at $817,133.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is currently owned by corporate insiders.
Flowserve Corporation designs, develops, 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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