Zurcher Kantonalbank Zurich Cantonalbank Has $1.22 Million Stake in Flowserve Corp (NYSE:FLS)
Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Flowserve Corp (NYSE:FLS) by 24.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,182 shares of the industrial products company’s stock after selling 9,509 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Flowserve were worth $1,219,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Wells Fargo & Company MN boosted its stake in Flowserve by 29.2% in the first quarter. Wells Fargo & Company MN now owns 145,130 shares of the industrial products company’s stock valued at $6,288,000 after acquiring an additional 32,763 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Flowserve by 0.6% during the first quarter. Rhumbline Advisers now owns 245,212 shares of the industrial products company’s stock worth $10,625,000 after purchasing an additional 1,417 shares in the last quarter. Intrinsic Edge Capital Management LLC bought a new position in shares of Flowserve during the first quarter worth $13,111,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Flowserve by 1.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 395,556 shares of the industrial products company’s stock valued at $17,139,000 after acquiring an additional 6,835 shares in the last quarter. Finally, Mackay Shields LLC bought a new stake in Flowserve in the 1st quarter valued at $953,000.
Several research firms recently commented on FLS. BMO Capital Markets boosted their price objective on shares of Flowserve from $42.00 to $50.00 and gave the company a “market perform” rating in a research report on Thursday, August 9th. Northcoast Research reiterated a “neutral” rating on shares of Flowserve in a research note on Thursday, August 9th. Zacks Investment Research upgraded shares of Flowserve from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Tuesday, September 11th. Robert W. Baird restated a “hold” rating and set a $47.00 price objective on shares of Flowserve in a research note on Friday, July 20th. Finally, Citigroup boosted their price objective on shares of Flowserve from $47.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, August 10th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $48.33.
Flowserve (NYSE:FLS) last announced its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.08. Flowserve had a negative net margin of 0.79% and a positive return on equity of 10.52%. The firm had revenue of $973.13 million during the quarter, compared to analysts’ expectations of $923.89 million. During the same period in the prior year, the company posted $0.22 EPS. The company’s revenue was up 11.0% on a year-over-year basis. equities research analysts anticipate that Flowserve Corp will post 1.7 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 21st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.37%. The ex-dividend date is Thursday, September 20th. Flowserve’s dividend payout ratio is presently 55.88%.
Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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