QUANTRES ASSET MANAGEMENT Ltd Purchases Shares of 8,000 Flowserve Corp (FLS)

QUANTRES ASSET MANAGEMENT Ltd bought a new stake in Flowserve Corp (NYSE:FLS) during the third quarter, HoldingsChannel reports. The fund bought 8,000 shares of the industrial products company’s stock, valued at approximately $438,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Zurich Insurance Group Ltd FI purchased a new stake in Flowserve in the second quarter valued at approximately $131,000. Visionary Asset Management Inc. purchased a new stake in Flowserve in the third quarter valued at approximately $218,000. Point72 Hong Kong Ltd purchased a new stake in Flowserve in the second quarter valued at approximately $163,000. Tower Research Capital LLC TRC purchased a new stake in Flowserve in the second quarter valued at approximately $174,000. Finally, Marshwinds Advisory Co. purchased a new stake in Flowserve in the third quarter valued at approximately $246,000.

Shares of NYSE:FLS opened at $45.90 on Wednesday. Flowserve Corp has a 12-month low of $37.71 and a 12-month high of $56.86. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 33.75, a P/E/G ratio of 1.52 and a beta of 1.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.25 and a quick ratio of 1.61.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.08. Flowserve had a positive return on equity of 10.52% and a negative net margin of 0.79%. The company had revenue of $973.13 million during the quarter, compared to the consensus estimate of $923.89 million. During the same period in the previous year, the company posted $0.22 earnings per share. Flowserve’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts anticipate that Flowserve Corp will post 1.7 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 21st were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, September 20th. Flowserve’s payout ratio is 55.88%.

A number of equities research analysts recently commented on FLS shares. Royal Bank of Canada reiterated a “hold” rating and issued a $40.00 target price on shares of Flowserve in a research report on Friday, July 13th. Morgan Stanley started coverage on Flowserve in a research report on Monday, August 20th. They issued an “equal weight” rating and a $50.00 target price on the stock. Zacks Investment Research upgraded Flowserve from a “sell” rating to a “hold” rating in a research report on Monday, August 13th. Credit Suisse Group started coverage on Flowserve in a research report on Friday, October 12th. They issued a “neutral” rating and a $55.00 target price on the stock. Finally, Vertical Research lowered Flowserve from a “hold” rating to a “sell” rating and set a $44.00 target price on the stock. in a research report on Thursday, October 18th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $48.86.

About Flowserve

Flowserve Corporation designs, 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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Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

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