Flowserve Corporation $FLS Shares Sold by Ethic Inc.

Ethic Inc. reduced its stake in shares of Flowserve Corporation (NYSE:FLS) by 44.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,610 shares of the industrial products company’s stock after selling 8,633 shares during the period. Ethic Inc.’s holdings in Flowserve were worth $569,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new position in Flowserve in the first quarter valued at $111,598,000. Erste Asset Management GmbH increased its stake in shares of Flowserve by 978.8% during the first quarter. Erste Asset Management GmbH now owns 1,003,800 shares of the industrial products company’s stock worth $49,025,000 after purchasing an additional 910,750 shares in the last quarter. William Blair Investment Management LLC grew its stake in Flowserve by 4,997.4% during the 2nd quarter. William Blair Investment Management LLC now owns 429,256 shares of the industrial products company’s stock valued at $22,472,000 after acquiring an additional 420,835 shares in the last quarter. Millennium Management LLC grew its stake in Flowserve by 32.6% during the 1st quarter. Millennium Management LLC now owns 1,630,226 shares of the industrial products company’s stock valued at $79,620,000 after acquiring an additional 400,925 shares in the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new stake in Flowserve during the 1st quarter valued at about $15,004,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Flowserve

In related news, insider Kirk Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total value of $532,200.00. Following the completion of the sale, the insider directly owned 37,196 shares in the company, valued at approximately $1,979,571.12. The trade was a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

FLS has been the subject of several analyst reports. The Goldman Sachs Group increased their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Stifel Nicolaus raised their price objective on shares of Flowserve from $63.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Wall Street Zen raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Citigroup increased their target price on shares of Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 14th. Finally, Zacks Research downgraded shares of Flowserve from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.88.

Flowserve Stock Performance

Shares of FLS opened at $52.58 on Wednesday. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. The stock has a market cap of $6.88 billion, a P/E ratio of 23.79, a PEG ratio of 1.08 and a beta of 1.27. The company has a 50-day moving average of $53.62 and a two-hundred day moving average of $51.23. Flowserve Corporation has a 12-month low of $37.34 and a 12-month high of $65.08.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Tuesday, October 28th. The industrial products company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.62 earnings per share. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. As a group, research analysts predict that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Friday, September 26th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, September 26th. Flowserve’s payout ratio is presently 38.01%.

About Flowserve

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.