Bank of America Corp DE increased its holdings in shares of Flowserve Corp (NYSE:FLS) by 42.9% in the second quarter, Holdings Channel reports. The fund owned 2,757,648 shares of the industrial products company’s stock after buying an additional 827,459 shares during the quarter. Bank of America Corp DE’s holdings in Flowserve were worth $111,409,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of FLS. Cigna Investments Inc. New bought a new stake in shares of Flowserve during the 1st quarter worth approximately $205,000. D.A. Davidson & CO. bought a new stake in shares of Flowserve during the 2nd quarter worth approximately $216,000. Bbva Compass Bancshares Inc. bought a new stake in shares of Flowserve during the 2nd quarter worth approximately $220,000. 180 Wealth Advisors LLC bought a new stake in Flowserve during the 1st quarter valued at $290,000. Finally, Contravisory Investment Management Inc. bought a new stake in Flowserve during the 2nd quarter valued at $323,000.
FLS has been the subject of a number of research analyst reports. ValuEngine raised Flowserve from a “hold” rating to a “buy” rating in a research report on Wednesday, August 8th. Zacks Investment Research raised Flowserve from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Tuesday, September 11th. Northcoast Research raised Flowserve from a “neutral” rating to a “buy” rating in a research report on Thursday. Morgan Stanley initiated coverage on Flowserve in a research report on Monday, August 20th. They set an “equal weight” rating and a $50.00 target price for the company. Finally, Seaport Global Securities reaffirmed a “hold” rating and set a $47.00 target price on shares of Flowserve in a research report on Monday, August 13th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. Flowserve has an average rating of “Hold” and a consensus price target of $48.33.
Shares of NYSE:FLS opened at $55.57 on Monday. Flowserve Corp has a 12-month low of $37.71 and a 12-month high of $55.61. The firm has a market capitalization of $6.97 billion, a PE ratio of 40.86, a P/E/G ratio of 1.83 and a beta of 1.57. The company has a current ratio of 2.25, a quick ratio of 1.61 and a debt-to-equity ratio of 0.89.
Flowserve (NYSE:FLS) last announced its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.08. Flowserve had a positive return on equity of 10.52% and a negative net margin of 0.79%. The business had revenue of $973.13 million for the quarter, compared to the consensus estimate of $923.89 million. During the same period last year, the business posted $0.22 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. equities research analysts forecast that Flowserve Corp will post 1.7 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 21st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.37%. Flowserve’s dividend payout ratio is presently 55.88%.
Flowserve Corporation designs, 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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