JPMorgan Chase & Co. Cuts Position in Flowserve Co. (NYSE:FLS)

JPMorgan Chase & Co. decreased its holdings in shares of Flowserve Co. (NYSE:FLS) by 30.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 289,701 shares of the industrial products company’s stock after selling 128,070 shares during the period. JPMorgan Chase & Co.’s holdings in Flowserve were worth $14,975,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of FLS. KPP Advisory Services LLC raised its holdings in shares of Flowserve by 3.2% during the 3rd quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock valued at $364,000 after buying an additional 215 shares during the period. HighTower Advisors LLC grew its position in Flowserve by 0.6% in the third quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock valued at $1,962,000 after acquiring an additional 215 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Flowserve by 4.1% during the third quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company’s stock valued at $327,000 after purchasing an additional 252 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Flowserve by 1.1% during the third quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock worth $1,330,000 after purchasing an additional 277 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of Flowserve by 3.9% in the third quarter. Crossmark Global Holdings Inc. now owns 8,564 shares of the industrial products company’s stock valued at $442,000 after purchasing an additional 318 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Down 1.2 %

Shares of NYSE:FLS opened at $58.33 on Friday. The company’s fifty day moving average is $59.38 and its two-hundred day moving average is $52.93. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. Flowserve Co. has a 1-year low of $39.37 and a 1-year high of $62.32. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 28.88, a price-to-earnings-growth ratio of 1.48 and a beta of 1.42.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the company earned $0.50 EPS. Flowserve’s revenue was up 3.5% compared to the same quarter last year. Equities analysts anticipate that Flowserve Co. will post 2.71 EPS for the current year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.21 per share. The ex-dividend date was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.44%. Flowserve’s dividend payout ratio is currently 41.58%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective on the stock. Stifel Nicolaus increased their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Mizuho lifted their price objective on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Robert W. Baird raised their price target on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Citigroup upped their price target on shares of Flowserve from $65.00 to $73.00 and gave the company a “buy” rating in a report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $64.40.

Flowserve Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.