Flowserve Corporation $FLS Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC reduced its position in shares of Flowserve Corporation (NYSE:FLS) by 0.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,309,531 shares of the industrial products company’s stock after selling 8,021 shares during the period. Geode Capital Management LLC owned 1.77% of Flowserve worth $120,924,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FLS. TD Private Client Wealth LLC acquired a new stake in Flowserve during the second quarter worth approximately $25,000. First Horizon Advisors Inc. purchased a new position in shares of Flowserve during the 2nd quarter worth $26,000. Hilltop National Bank acquired a new stake in shares of Flowserve during the second quarter worth $31,000. IFP Advisors Inc increased its stake in Flowserve by 1,289.6% in the second quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 619 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its stake in Flowserve by 149.8% in the second quarter. Hantz Financial Services Inc. now owns 697 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 418 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FLS. Stifel Nicolaus set a $84.00 price target on Flowserve in a research note on Thursday, October 30th. The Goldman Sachs Group raised their target price on shares of Flowserve from $64.00 to $71.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Zacks Research downgraded shares of Flowserve from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Wall Street Zen raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Finally, Cowen reissued a “buy” rating on shares of Flowserve in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.33.

Insider Transactions at Flowserve

In other Flowserve news, CFO Amy B. Schwetz sold 47,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $71.02, for a total value of $3,337,940.00. Following the completion of the transaction, the chief financial officer owned 52,628 shares in the company, valued at $3,737,640.56. This represents a 47.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lamar L. Duhon sold 1,609 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $69.51, for a total transaction of $111,841.59. Following the completion of the sale, the insider directly owned 15,116 shares of the company’s stock, valued at $1,050,713.16. This trade represents a 9.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 59,276 shares of company stock valued at $4,196,578 over the last quarter. Company insiders own 0.76% of the company’s stock.

Flowserve Trading Up 2.6%

Shares of FLS stock opened at $67.28 on Thursday. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $72.08. The firm’s 50 day moving average price is $58.25 and its two-hundred day moving average price is $54.04. The stock has a market cap of $8.55 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.38 and a beta of 1.32.

Flowserve (NYSE:FLS) last issued its earnings results on Tuesday, October 28th. The industrial products company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Flowserve had a net margin of 9.66% and a return on equity of 19.41%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the firm posted $0.62 EPS. The business’s revenue for the quarter 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, analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current year.

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.