Econ Financial Services Corp Takes $682,000 Position in Flowserve Corporation $FLS

Econ Financial Services Corp purchased a new stake in shares of Flowserve Corporation (NYSE:FLS) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,838 shares of the industrial products company’s stock, valued at approximately $682,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Boston Partners bought a new stake in shares of Flowserve in the 2nd quarter worth $223,561,000. AQR Capital Management LLC boosted its position in shares of Flowserve by 7.2% during the second quarter. AQR Capital Management LLC now owns 2,939,892 shares of the industrial products company’s stock valued at $153,903,000 after buying an additional 197,406 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Flowserve by 8.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,120,075 shares of the industrial products company’s stock worth $110,986,000 after buying an additional 165,710 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Flowserve by 78.8% in the 2nd quarter. Fisher Asset Management LLC now owns 1,858,621 shares of the industrial products company’s stock worth $97,299,000 after buying an additional 819,206 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Flowserve by 13.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,706,409 shares of the industrial products company’s stock worth $89,331,000 after buying an additional 197,757 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Flowserve Stock Down 1.0%

FLS stock opened at $69.48 on Friday. The business’s 50-day moving average price is $68.94 and its 200-day moving average price is $58.62. The stock has a market cap of $8.83 billion, a P/E ratio of 20.20, a PEG ratio of 1.40 and a beta of 1.29. The company has a quick ratio of 1.54, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. Flowserve Corporation has a twelve month low of $37.34 and a twelve month high of $74.63.

Flowserve (NYSE:FLS) last released its earnings results on Tuesday, October 28th. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Flowserve had a net margin of 9.66% and a return on equity of 19.41%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm posted $0.62 EPS. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. On average, equities research analysts forecast that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Friday, December 26th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, December 26th. Flowserve’s dividend payout ratio is presently 24.42%.

Insider Buying and Selling at Flowserve

In related news, CFO Amy B. Schwetz sold 47,000 shares of Flowserve stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $71.02, for a total transaction of $3,337,940.00. Following the sale, the chief financial officer owned 52,628 shares of the company’s stock, valued at approximately $3,737,640.56. This trade represents a 47.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Susan Claire Hudson sold 10,667 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $70.01, for a total value of $746,796.67. Following the completion of the transaction, the insider owned 6,589 shares of the company’s stock, valued at $461,295.89. The trade was a 61.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 59,276 shares of company stock valued at $4,196,578 over the last ninety days. 0.76% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FLS has been the topic of a number of recent analyst reports. Bank of America reaffirmed a “neutral” rating and set a $73.00 price target (up previously from $60.00) on shares of Flowserve in a report on Friday, November 14th. Stifel Nicolaus set a $84.00 target price on shares of Flowserve in a report on Thursday, October 30th. The Goldman Sachs Group lifted their target price on shares of Flowserve from $71.00 to $80.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Cowen reissued a “buy” rating on shares of Flowserve in a report on Tuesday, November 4th. Finally, UBS Group raised their price target on Flowserve from $65.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $77.20.

Flowserve Company Profile

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.