Flowserve Co. (NYSE:FLS) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its holdings in Flowserve Co. (NYSE:FLS) by 30.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 289,701 shares of the industrial products company’s stock after selling 128,070 shares during the quarter. JPMorgan Chase & Co. owned 0.22% of Flowserve worth $14,975,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. KPP Advisory Services LLC lifted its stake in shares of Flowserve by 3.2% in the third quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock valued at $364,000 after purchasing an additional 215 shares during the period. HighTower Advisors LLC increased its holdings in Flowserve by 0.6% in the third quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock valued at $1,962,000 after buying an additional 215 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Flowserve by 4.1% during the 3rd quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company’s stock valued at $327,000 after acquiring an additional 252 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Flowserve by 1.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock worth $1,330,000 after acquiring an additional 277 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its holdings in shares of Flowserve by 3.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 8,564 shares of the industrial products company’s stock worth $442,000 after acquiring an additional 318 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FLS. Mizuho boosted their target price on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Citigroup lifted their price target on Flowserve from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Robert W. Baird increased their price objective on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Bank of America lifted their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Stifel Nicolaus increased their price target on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $64.40.

Flowserve Stock Performance

Shares of FLS opened at $58.33 on Friday. Flowserve Co. has a 1 year low of $39.37 and a 1 year high of $62.32. The company’s 50 day simple moving average is $59.38 and its 200 day simple moving average is $52.93. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 1.48 and a beta of 1.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. Flowserve’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.50 EPS. On average, sell-side analysts predict that Flowserve Co. will post 2.71 EPS for the current year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, December 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.44%. Flowserve’s payout ratio is currently 41.58%.

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.