American Century Companies Inc. Increases Position in Flowserve Corp. (FLS)
American Century Companies Inc. boosted its stake in shares of Flowserve Corp. (NYSE:FLS) by 6.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,391,770 shares of the company’s stock after buying an additional 86,140 shares during the period. American Century Companies Inc. owned 1.07% of Flowserve Corp. worth $62,866,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Flowserve Corp. by 4.4% in the first quarter. Geode Capital Management LLC now owns 1,106,529 shares of the company’s stock valued at $49,044,000 after buying an additional 46,934 shares during the period. UBS Group AG boosted its stake in Flowserve Corp. by 9.9% in the first quarter. UBS Group AG now owns 52,436 shares of the company’s stock valued at $2,329,000 after buying an additional 4,708 shares during the period. Legal & General Group Plc boosted its stake in Flowserve Corp. by 1.9% in the first quarter. Legal & General Group Plc now owns 572,817 shares of the company’s stock valued at $25,437,000 after buying an additional 10,600 shares during the period. BlackRock Group LTD boosted its stake in Flowserve Corp. by 0.3% in the first quarter. BlackRock Group LTD now owns 1,002,856 shares of the company’s stock valued at $44,536,000 after buying an additional 3,046 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in Flowserve Corp. by 0.3% in the first quarter. UBS Asset Management Americas Inc. now owns 323,264 shares of the company’s stock valued at $14,356,000 after buying an additional 849 shares during the period. 98.49% of the stock is owned by institutional investors.
Shares of Flowserve Corp. (NYSE:FLS) traded down 0.98% during mid-day trading on Tuesday, hitting $47.72. The stock had a trading volume of 746,731 shares. Flowserve Corp. has a 1-year low of $33.86 and a 1-year high of $52.50. The firm’s 50 day moving average price is $47.76 and its 200 day moving average price is $47.02. The company has a market cap of $6.22 billion, a P/E ratio of 23.65 and a beta of 1.65.
Flowserve Corp. (NYSE:FLS) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.03. The company earned $1.03 billion during the quarter, compared to analyst estimates of $1,000 million. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The business’s revenue for the quarter was down 11.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.80 earnings per share. Analysts predict that Flowserve Corp. will post $2.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.76 dividend on an annualized basis and a yield of 1.59%. Flowserve Corp.’s payout ratio is 37.81%.
Several equities research analysts have recently commented on FLS shares. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 target price on shares of Flowserve Corp. in a research note on Tuesday, August 2nd. Zacks Investment Research cut Flowserve Corp. from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Oppenheimer Holdings Inc. reaffirmed a “” rating on shares of Flowserve Corp. in a research note on Thursday, September 8th. BMO Capital Markets decreased their price objective on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a research note on Monday, August 1st. Finally, Northcoast Research reaffirmed a “neutral” rating on shares of Flowserve Corp. in a research note on Tuesday, August 16th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of €61.97 ($68.85).
In related news, Director William C. Rusnack sold 2,169 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of €46.72 ($51.91), for a total value of €101,335.68 ($112,595.20). Following the completion of the sale, the director now directly owns 2,783 shares in the company, valued at €130,021.76 ($144,468.62). The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark A. Blinn sold 84,261 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of €45.50 ($50.56), for a total value of €3,833,875.50 ($4,259,861.67). Following the completion of the sale, the chief executive officer now owns 397,687 shares of the company’s stock, valued at €18,094,758.50 ($20,105,287.22). The disclosure for this sale can be found here. 0.95% of the stock is owned by corporate insiders.
Flowserve Corp. Company Profile
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs, manufactures, distributes and services engineered pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and related equipment.
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