State Treasurer State of Michigan Reduces Stock Position in Flowserve Corp (NYSE:FLS)
State Treasurer State of Michigan lessened its stake in shares of Flowserve Corp (NYSE:FLS) by 16.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,375 shares of the industrial products company’s stock after selling 6,400 shares during the quarter. State Treasurer State of Michigan’s holdings in Flowserve were worth $1,653,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Valeo Financial Advisors LLC boosted its holdings in shares of Flowserve by 1,211.5% during the 2nd quarter. Valeo Financial Advisors LLC now owns 682 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 630 shares during the last quarter. Trust Co. of Vermont purchased a new position in shares of Flowserve in the second quarter worth approximately $63,000. Municipal Employees Retirement System of Michigan purchased a new position in shares of Flowserve in the fourth quarter worth approximately $128,000. FDx Advisors Inc. purchased a new position in shares of Flowserve in the second quarter worth approximately $219,000. Finally, Bluestein R H & Co. purchased a new position in shares of Flowserve in the first quarter worth approximately $203,000. 98.12% of the stock is currently owned by hedge funds and other institutional investors.
Shares of FLS traded up $1.29 during mid-day trading on Tuesday, hitting $43.83. 96,845 shares of the company traded hands, compared to its average volume of 1,165,430. Flowserve Corp has a 1-year low of $35.88 and a 1-year high of $56.86. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.28 and a quick ratio of 1.63. The company has a market capitalization of $5.75 billion, a P/E ratio of 25.05, a PEG ratio of 1.29 and a beta of 1.63. The firm’s 50 day simple moving average is $50.32.
A number of equities analysts recently issued reports on the stock. Citigroup dropped their price objective on shares of Flowserve from $61.00 to $58.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. ValuEngine downgraded shares of Flowserve from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Credit Suisse Group raised shares of Flowserve from a “neutral” rating to an “outperform” rating and set a $54.00 price objective on the stock in a report on Friday, August 2nd. Zacks Investment Research raised shares of Flowserve from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Friday, May 17th. Finally, Morgan Stanley dropped their price objective on shares of Flowserve from $47.00 to $43.00 and set an “underweight” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $50.91.
In other news, insider John Lenander sold 5,761 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $49.32, for a total transaction of $284,132.52. Following the transaction, the insider now owns 16,568 shares in the company, valued at approximately $817,133.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.36% of the company’s stock.
Flowserve Company Profile
Flowserve Corporation designs, develops, 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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