PNC Financial Services Group Inc. Has $1.76 Million Stake in Flowserve Corporation (NYSE:FLS)
PNC Financial Services Group Inc. increased its position in Flowserve Corporation (NYSE:FLS) by 8.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,982 shares of the industrial products company’s stock after purchasing an additional 3,107 shares during the period. PNC Financial Services Group Inc.’s holdings in Flowserve Corporation were worth $1,762,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Huntington National Bank increased its position in shares of Flowserve Corporation by 28.0% during the 2nd quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock valued at $101,000 after purchasing an additional 480 shares during the last quarter. Harbour Capital Advisors LLC purchased a new stake in shares of Flowserve Corporation during the 1st quarter valued at about $116,000. Creative Planning increased its position in shares of Flowserve Corporation by 6.2% during the 2nd quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock valued at $112,000 after purchasing an additional 141 shares during the last quarter. Federated Investors Inc. PA increased its position in shares of Flowserve Corporation by 1.8% during the 2nd quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock valued at $118,000 after purchasing an additional 46 shares during the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of Flowserve Corporation during the 1st quarter valued at about $151,000.
FLS has been the subject of several analyst reports. Robert W. Baird reissued a “hold” rating and issued a $43.00 target price on shares of Flowserve Corporation in a report on Wednesday, October 4th. Citigroup Inc. reaffirmed a “neutral” rating and set a $51.00 price objective (down from $54.00) on shares of Flowserve Corporation in a report on Monday, July 10th. Wolfe Research began coverage on Flowserve Corporation in a research report on Tuesday, July 11th. They set an “underperform” rating and a $38.00 target price for the company. Zacks Investment Research upgraded Flowserve Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, BMO Capital Markets restated a “buy” rating and issued a $56.00 price target on shares of Flowserve Corporation in a research report on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. Flowserve Corporation currently has a consensus rating of “Hold” and a consensus target price of $47.18.
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Flowserve Corporation (NYSE FLS) traded up 0.70% during midday trading on Friday, hitting $44.38. The company had a trading volume of 1,061,744 shares. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 55.48 and a beta of 1.47. The firm has a 50-day moving average price of $41.58 and a 200-day moving average price of $45.09. Flowserve Corporation has a 12 month low of $37.51 and a 12 month high of $52.10.
Flowserve Corporation (NYSE:FLS) last released its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.21). The company had revenue of $877.00 million for the quarter, compared to analysts’ expectations of $933.91 million. Flowserve Corporation had a return on equity of 13.32% and a net margin of 2.68%. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. Equities analysts anticipate that Flowserve Corporation will post $1.40 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend was Thursday, September 21st. Flowserve Corporation’s payout ratio is currently 98.70%.
Flowserve Corporation Profile
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.
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