Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in Flowserve Corp. (NYSE:FLS) by 20.2% during the third quarter, Holdings Channel reports. The fund owned 44,740 shares of the company’s stock after buying an additional 7,530 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings in Flowserve Corp. were worth $2,158,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. John G Ullman & Associates Inc. purchased a new stake in shares of Flowserve Corp. during the second quarter valued at $470,000. Nordea Investment Management AB raised its stake in shares of Flowserve Corp. by 29.9% in the second quarter. Nordea Investment Management AB now owns 89,731 shares of the company’s stock valued at $4,053,000 after buying an additional 20,660 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services raised its stake in shares of Flowserve Corp. by 2.0% in the second quarter. First National Bank of Mount Dora Trust Investment Services now owns 27,113 shares of the company’s stock valued at $1,224,000 after buying an additional 541 shares during the last quarter. Boys Arnold & Co. Inc. purchased a new stake in shares of Flowserve Corp. during the second quarter valued at $414,000. Finally, Exxonmobil Investment Management Inc. TX raised its stake in shares of Flowserve Corp. by 6.6% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 33,746 shares of the company’s stock valued at $1,524,000 after buying an additional 2,077 shares during the last quarter. 98.06% of the stock is currently owned by institutional investors.
Flowserve Corp. (NYSE:FLS) traded down 0.87% during midday trading on Monday, hitting $46.48. The stock had a trading volume of 1,079,321 shares. The company has a market capitalization of $6.06 billion, a PE ratio of 40.35 and a beta of 1.55. Flowserve Corp. has a 52 week low of $33.86 and a 52 week high of $52.50. The company’s 50-day moving average price is $44.23 and its 200 day moving average price is $46.81.
Flowserve Corp. (NYSE:FLS) last announced its earnings results on Thursday, October 27th. The company reported $0.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.10. The firm had revenue of $943.33 million for the quarter, compared to the consensus estimate of $974.29 million. Flowserve Corp. had a return on equity of 17.93% and a net margin of 3.60%. Flowserve Corp.’s revenue for the quarter was down 14.0% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. On average, analysts expect that Flowserve Corp. will post $2.15 EPS for the current year.
Several brokerages have recently weighed in on FLS. Zacks Investment Research lowered Flowserve Corp. from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Northcoast Research reissued a “neutral” rating on shares of Flowserve Corp. in a report on Tuesday, August 16th. Oppenheimer Holdings Inc. reissued a “” rating on shares of Flowserve Corp. in a report on Thursday, September 8th. BMO Capital Markets decreased their price objective on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating on the stock in a report on Monday, August 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $54.00 price target on shares of Flowserve Corp. in a research note on Tuesday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Flowserve Corp. has an average rating of “Hold” and a consensus target price of $43.81.
In related news, CEO Mark A. Blinn sold 119,232 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $41.64, for a total transaction of $4,964,820.48. Following the sale, the chief executive officer now owns 194,194 shares of the company’s stock, valued at $8,086,238.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.95% of the company’s stock.
Flowserve Corp. Company Profile
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs, manufactures, distributes and services engineered pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and related equipment.