PNC Financial Services Group Inc. increased its stake in shares of Flowserve Corporation (NYSE:FLS) by 8.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,982 shares of the industrial products company’s stock after acquiring an additional 3,107 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Flowserve Corporation were worth $1,762,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. GAM Holding AG boosted its position in shares of Flowserve Corporation by 2.4% during the second quarter. GAM Holding AG now owns 56,822 shares of the industrial products company’s stock worth $2,638,000 after acquiring an additional 1,306 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Flowserve Corporation by 21.1% during the first quarter. Bank of America Corp DE now owns 530,492 shares of the industrial products company’s stock worth $25,686,000 after acquiring an additional 92,488 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Flowserve Corporation by 2.9% during the second quarter. Legal & General Group Plc now owns 649,800 shares of the industrial products company’s stock worth $30,170,000 after acquiring an additional 18,039 shares during the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in shares of Flowserve Corporation during the second quarter worth $840,000. Finally, ARGA Investment Management LP boosted its position in shares of Flowserve Corporation by 62.9% during the second quarter. ARGA Investment Management LP now owns 15,800 shares of the industrial products company’s stock worth $733,000 after acquiring an additional 6,100 shares during the last quarter.

A number of brokerages recently weighed in on FLS. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Flowserve Corporation in a research report on Monday, July 31st. Zacks Investment Research lowered shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Susquehanna Bancshares Inc upgraded shares of Flowserve Corporation from a “neutral” rating to a “positive” rating and dropped their target price for the stock from $50.00 to $46.00 in a research report on Tuesday, August 15th. Cowen and Company restated a “buy” rating and set a $50.00 target price on shares of Flowserve Corporation in a research report on Thursday, August 10th. Finally, Robert W. Baird restated a “hold” rating and set a $43.00 target price on shares of Flowserve Corporation in a research report on Wednesday. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $47.45.

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Flowserve Corporation (NYSE:FLS) opened at 43.06 on Thursday. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 53.83 and a beta of 1.47. Flowserve Corporation has a 52-week low of $37.51 and a 52-week high of $52.10. The firm’s 50-day moving average is $40.53 and its 200 day moving average is $45.21.

Flowserve Corporation (NYSE:FLS) last released its earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.21). Flowserve Corporation had a return on equity of 13.32% and a net margin of 2.68%. The business had revenue of $877.00 million for the quarter, compared to analysts’ expectations of $933.91 million. During the same period in the previous year, the company earned $0.57 EPS. Flowserve Corporation’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, equities research analysts predict that Flowserve Corporation will post $1.40 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 22nd will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Thursday, September 21st. Flowserve Corporation’s payout ratio is 98.70%.

About Flowserve Corporation

Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Institutional Ownership by Quarter for Flowserve Corporation (NYSE:FLS)

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