Kingdon Capital Management L.L.C. purchased a new position in shares of Flowserve Corporation (NYSE:FLS) during the first quarter, according to its most recent disclosure with the SEC. The fund purchased 142,500 shares of the industrial products company’s stock, valued at approximately $6,900,000.
A number of other large investors have also recently bought and sold shares of the stock. Ameritas Investment Partners Inc. bought a new position in shares of Flowserve Corporation during the first quarter worth approximately $151,000. Macquarie Group Ltd. boosted its position in shares of Flowserve Corporation by 3.1% in the fourth quarter. Macquarie Group Ltd. now owns 3,300 shares of the industrial products company’s stock worth $158,000 after buying an additional 100 shares in the last quarter. Federated Investors Inc. PA boosted its position in shares of Flowserve Corporation by 12.8% in the fourth quarter. Federated Investors Inc. PA now owns 3,398 shares of the industrial products company’s stock worth $163,000 after buying an additional 386 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in shares of Flowserve Corporation by 5.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,479 shares of the industrial products company’s stock worth $157,000 after buying an additional 174 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Flowserve Corporation during the fourth quarter worth approximately $203,000. 98.67% of the stock is owned by hedge funds and other institutional investors.
Flowserve Corporation (FLS) remained flat at $47.45 on Friday. The stock had a trading volume of 1,277,805 shares. The stock has a market cap of $6.20 billion, a PE ratio of 51.02 and a beta of 1.52. The stock has a 50-day moving average of $48.83 and a 200 day moving average of $48.68. Flowserve Corporation has a 12-month low of $39.13 and a 12-month high of $52.10.
Flowserve Corporation (NYSE:FLS) last released its quarterly earnings results on Monday, May 1st. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. Flowserve Corporation had a net margin of 3.12% and a return on equity of 15.76%. The company had revenue of $863.63 million during the quarter, compared to analysts’ expectations of $817.56 million. During the same period in the prior year, the company earned $0.39 earnings per share. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, equities analysts predict that Flowserve Corporation will post $1.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Friday, June 23rd will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Wednesday, June 21st. Flowserve Corporation’s dividend payout ratio (DPR) is 81.72%.
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A number of research analysts have commented on the company. Royal Bank of Canada restated a “sell” rating and set a $42.00 price objective on shares of Flowserve Corporation in a research note on Tuesday, April 11th. BMO Capital Markets boosted their price objective on Flowserve Corporation from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, May 4th. Stifel Nicolaus restated a “buy” rating and set a $53.00 price objective (down previously from $55.00) on shares of Flowserve Corporation in a research note on Tuesday, February 21st. Cowen and Company upgraded Flowserve Corporation from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $41.00 to $55.00 in a research note on Wednesday, April 19th. Finally, Zacks Investment Research cut Flowserve Corporation from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $57.86.
Flowserve Corporation 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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