Amalgamated Bank decreased its holdings in Flowserve Co. (NYSE:FLS – Get Rating) by 3.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 90,064 shares of the industrial products company’s stock after selling 3,314 shares during the quarter. Amalgamated Bank’s holdings in Flowserve were worth $3,233,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Flowserve by 22.6% in the fourth quarter. JPMorgan Chase & Co. now owns 314,096 shares of the industrial products company’s stock valued at $9,612,000 after acquiring an additional 57,800 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Flowserve by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,060,670 shares of the industrial products company’s stock worth $32,457,000 after acquiring an additional 29,340 shares during the period. Renaissance Technologies LLC increased its stake in shares of Flowserve by 120.9% during the fourth quarter. Renaissance Technologies LLC now owns 409,700 shares of the industrial products company’s stock worth $12,537,000 after acquiring an additional 224,200 shares during the period. Geode Capital Management LLC grew its position in Flowserve by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 1,732,194 shares of the industrial products company’s stock worth $53,005,000 after buying an additional 144,062 shares during the period. Finally, Gotham Asset Management LLC acquired a new stake in shares of Flowserve in the fourth quarter valued at approximately $548,000. Institutional investors and hedge funds own 99.73% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have weighed in on FLS shares. Bank of America raised shares of Flowserve from an “underperform” rating to a “neutral” rating and set a $31.00 price target on the stock in a research note on Monday, July 11th. Citigroup reduced their price target on shares of Flowserve from $39.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, September 15th. Royal Bank of Canada dropped their price target on shares of Flowserve from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Wednesday, September 14th. Finally, Credit Suisse Group downgraded shares of Flowserve from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $38.00 to $31.00 in a research report on Thursday, September 15th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve currently has an average rating of “Hold” and an average price target of $35.50.
Flowserve Stock Performance
Flowserve (NYSE:FLS – Get Rating) last posted its earnings results on Wednesday, July 27th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.04. The business had revenue of $882.22 million during the quarter, compared to analysts’ expectations of $886.53 million. Flowserve had a return on equity of 8.12% and a net margin of 2.74%. Flowserve’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.37 EPS. As a group, sell-side analysts forecast that Flowserve Co. will post 1.37 earnings per share for the current year.
Flowserve Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.12%. The ex-dividend date is Thursday, September 29th. Flowserve’s dividend payout ratio is 109.59%.
Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. It operates in two segments, Flowserve Pump Division (FPD) and Flow Control Division (FCD). The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines.
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