Beutel Goodman & Co Ltd. reduced its stake in shares of Flowserve Corp (NYSE:FLS) by 1.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,741,526 shares of the industrial products company’s stock after selling 20,676 shares during the quarter. Beutel Goodman & Co Ltd. owned 1.33% of Flowserve worth $73,681,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Zurich Insurance Group Ltd FI acquired a new stake in shares of Flowserve in the second quarter valued at $131,000. Point72 Hong Kong Ltd acquired a new stake in shares of Flowserve in the second quarter valued at $163,000. Tower Research Capital LLC TRC acquired a new stake in shares of Flowserve in the second quarter valued at $174,000. D.A. Davidson & CO. acquired a new stake in shares of Flowserve in the second quarter valued at $216,000. Finally, Visionary Asset Management Inc. acquired a new stake in shares of Flowserve in the third quarter valued at $218,000.
A number of analysts have recently weighed in on FLS shares. Morgan Stanley started coverage on Flowserve in a research note on Monday, August 20th. They issued an “equal weight” rating and a $50.00 target price for the company. Northcoast Research upgraded Flowserve from a “neutral” rating to a “buy” rating in a research note on Thursday, September 13th. Credit Suisse Group started coverage on Flowserve in a research note on Friday, October 12th. They issued a “neutral” rating and a $55.00 target price for the company. SunTrust Banks raised their target price on Flowserve to $46.00 and gave the company a “hold” rating in a research note on Friday, August 10th. Finally, Cowen raised their target price on Flowserve from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, August 14th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. Flowserve presently has a consensus rating of “Hold” and a consensus target price of $48.86.
Flowserve (NYSE:FLS) last posted its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $973.13 million for the quarter, compared to analysts’ expectations of $923.89 million. Flowserve had a positive return on equity of 10.52% and a negative net margin of 0.79%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.22 earnings per share. As a group, equities analysts predict that Flowserve Corp will post 1.7 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 5th. Investors of record on Friday, September 21st were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.66%. The ex-dividend date was Thursday, September 20th. Flowserve’s dividend payout ratio is 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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