Zurcher Kantonalbank Zurich Cantonalbank Has $1.76 Million Stake in Flowserve Corporation (NYSE:FLS)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Flowserve Corporation (NYSE:FLS) by 2.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,096 shares of the industrial products company’s stock after purchasing an additional 914 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Flowserve were worth $1,763,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Cetera Investment Advisers increased its holdings in Flowserve by 57.2% during the 1st quarter. Cetera Investment Advisers now owns 15,854 shares of the industrial products company’s stock valued at $774,000 after purchasing an additional 5,769 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in Flowserve by 24.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 5,991 shares of the industrial products company’s stock valued at $293,000 after purchasing an additional 1,163 shares in the last quarter. Advisor OS LLC increased its holdings in Flowserve by 26.8% during the 1st quarter. Advisor OS LLC now owns 5,297 shares of the industrial products company’s stock valued at $259,000 after purchasing an additional 1,118 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Flowserve by 230.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 35,486 shares of the industrial products company’s stock valued at $1,733,000 after purchasing an additional 24,751 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its holdings in Flowserve by 77.8% during the 1st quarter. Verdence Capital Advisors LLC now owns 9,471 shares of the industrial products company’s stock valued at $463,000 after purchasing an additional 4,143 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Stock Down 3.9%

NYSE:FLS opened at $53.86 on Friday. Flowserve Corporation has a 12-month low of $37.34 and a 12-month high of $65.08. The company has a quick ratio of 1.46, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $7.04 billion, a P/E ratio of 24.37, a P/E/G ratio of 1.13 and a beta of 1.28. The stock’s fifty day simple moving average is $51.34 and its 200-day simple moving average is $51.68.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.13. Flowserve had a return on equity of 18.25% and a net margin of 6.28%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. Equities research analysts expect that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Friday, June 27th. Flowserve’s dividend payout ratio (DPR) is currently 38.01%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FLS. Citigroup increased their price objective on Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 14th. Wall Street Zen upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Stifel Nicolaus increased their price objective on Flowserve from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday. Royal Bank Of Canada increased their price objective on Flowserve from $64.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Mizuho set a $60.00 price objective on Flowserve in a research report on Friday, May 16th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Flowserve currently has a consensus rating of “Buy” and an average target price of $65.78.

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.