Flowserve Corporation $FLS Stock Holdings Lessened by Eastern Bank

Eastern Bank lowered its stake in Flowserve Corporation (NYSE:FLS) by 1.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,279 shares of the industrial products company’s stock after selling 513 shares during the period. Eastern Bank’s holdings in Flowserve were worth $2,266,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of FLS. TD Private Client Wealth LLC bought a new position in shares of Flowserve in the second quarter valued at $25,000. Hilltop National Bank acquired a new stake in Flowserve during the 2nd quarter valued at $31,000. IFP Advisors Inc raised its stake in Flowserve by 1,289.6% during the 2nd quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 619 shares during the period. Parallel Advisors LLC raised its stake in Flowserve by 74.5% during the 2nd quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 344 shares during the period. Finally, Signaturefd LLC raised its stake in Flowserve by 71.5% during the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 429 shares during the period. Institutional investors own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FLS shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Flowserve in a research note on Wednesday. The Goldman Sachs Group boosted their target price on shares of Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Wall Street Zen raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Citigroup boosted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 14th. Finally, Royal Bank Of Canada boosted their target price on shares of Flowserve from $64.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Flowserve currently has a consensus rating of “Buy” and a consensus target price of $65.78.

Flowserve Trading Down 4.8%

Flowserve stock opened at $49.10 on Friday. The company’s fifty day simple moving average is $53.97 and its 200-day simple moving average is $50.60. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. Flowserve Corporation has a 12 month low of $37.34 and a 12 month high of $65.08. The stock has a market cap of $6.42 billion, a P/E ratio of 22.22, a P/E/G ratio of 1.00 and a beta of 1.27.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.78 by $0.13. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.22 billion. As a group, sell-side analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Friday, September 26th were issued a $0.21 dividend. The ex-dividend date was Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a yield of 1.7%. Flowserve’s dividend payout ratio is currently 38.01%.

Insider Transactions at Flowserve

In related news, insider Kirk Wilson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total value of $532,200.00. Following the completion of the sale, the insider directly owned 37,196 shares in the company, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.76% of the company’s stock.

Flowserve Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment 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 and in the oil and gas production and process markets.