Bank of Nova Scotia acquired a new stake in shares of Flowserve Co. (NYSE:FLS – Get Rating) in the second quarter, Holdings Channel reports. The fund acquired 23,114 shares of the industrial products company’s stock, valued at approximately $662,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FLS. Wellington Management Group LLP acquired a new position in Flowserve during the 1st quarter valued at approximately $163,840,000. Massachusetts Financial Services Co. MA acquired a new position in Flowserve during the 1st quarter valued at approximately $57,909,000. Alyeska Investment Group L.P. acquired a new position in Flowserve during the 1st quarter valued at approximately $37,511,000. JPMorgan Chase & Co. boosted its position in Flowserve by 169.9% during the 1st quarter. JPMorgan Chase & Co. now owns 847,791 shares of the industrial products company’s stock valued at $30,437,000 after purchasing an additional 533,695 shares during the period. Finally, Great West Life Assurance Co. Can boosted its position in Flowserve by 610.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 466,352 shares of the industrial products company’s stock valued at $16,797,000 after purchasing an additional 400,671 shares during the period. Institutional investors and hedge funds own 99.73% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on FLS shares. The Goldman Sachs Group cut their target price on Flowserve from $29.00 to $25.00 and set a “sell” rating on the stock in a research note on Tuesday, October 11th. Royal Bank of Canada cut their target price on Flowserve from $25.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 2nd. Mizuho cut their target price on Flowserve from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Tuesday, October 18th. Morgan Stanley cut their target price on Flowserve from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 3rd. Finally, StockNews.com started coverage on Flowserve in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $30.00.
Flowserve Stock Down 0.6 %
Flowserve (NYSE:FLS – Get Rating) last announced its earnings results on Monday, October 31st. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.15). The company had revenue of $872.88 million for the quarter, compared to analyst estimates of $868.17 million. Flowserve had a return on equity of 6.80% and a net margin of 2.41%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. On average, equities analysts predict that Flowserve Co. will post 0.91 EPS for the current fiscal year.
Flowserve Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date was Thursday, September 29th. Flowserve’s dividend payout ratio (DPR) is presently 125.00%.
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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