Bank of Nova Scotia Sells 40,130 Shares of Flowserve Corporation $FLS

Bank of Nova Scotia lessened its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 51.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,373 shares of the industrial products company's stock after selling 40,130 shares during the period. Bank of Nova Scotia's holdings in Flowserve were worth $2,747,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sei Investments Co. grew its position in shares of Flowserve by 13.5% in the 1st quarter. Sei Investments Co. now owns 362,733 shares of the industrial products company's stock worth $26,665,000 after buying an additional 43,164 shares during the last quarter. Lido Advisors LLC purchased a new stake in Flowserve in the first quarter worth $254,000. Aureus Asset Management LLC purchased a new stake in Flowserve in the first quarter worth $26,345,000. First Trust Advisors LP boosted its holdings in Flowserve by 32.2% in the first quarter. First Trust Advisors LP now owns 511,054 shares of the industrial products company's stock valued at $37,567,000 after acquiring an additional 124,599 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Flowserve by 9.3% in the first quarter. PNC Financial Services Group Inc. now owns 17,936 shares of the industrial products company's stock valued at $1,318,000 after acquiring an additional 1,532 shares in the last quarter. Institutional investors own 93.93% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on FLS shares. Zacks Research lowered shares of Flowserve from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 15th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $83.00 target price on shares of Flowserve in a research note on Thursday, April 30th. Wall Street Zen cut shares of Flowserve from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. Stifel Nicolaus set a $92.00 price target on shares of Flowserve in a research note on Friday, May 1st. Finally, Jefferies Financial Group restated a "buy" rating and issued a $90.00 price objective (down from $100.00) on shares of Flowserve in a report on Tuesday, March 31st. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $86.70.

Flowserve Price Performance

FLS stock opened at $73.46 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.63 and a current ratio of 2.22. The firm has a 50 day moving average price of $73.43 and a 200-day moving average price of $76.90. Flowserve Corporation has a 52-week low of $48.71 and a 52-week high of $92.41. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.64 and a beta of 1.23.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The industrial products company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.17 billion. Flowserve had a return on equity of 21.46% and a net margin of 7.61%.The firm's quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.72 EPS. Equities research analysts forecast that Flowserve Corporation will post 4.04 EPS for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, June 26th. This represents a $0.88 annualized dividend and a dividend yield of 1.2%. Flowserve's dividend payout ratio (DPR) is presently 32.59%.

Insider Buying and Selling at Flowserve

In related news, Director Brian D. Savoy purchased 1,000 shares of the stock in a transaction dated Thursday, May 14th. The stock was purchased at an average price of $67.34 per share, with a total value of $67,340.00. Following the transaction, the director directly owned 1,000 shares in the company, valued at $67,340. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.71% of the stock is owned by insiders.

Flowserve 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.

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