JPMorgan Chase & Co. Has $14.98 Million Stock Position in Flowserve Co. (NYSE:FLS)

JPMorgan Chase & Co. lessened its holdings in Flowserve Co. (NYSE:FLS - Free Report) by 30.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 289,701 shares of the industrial products company's stock after selling 128,070 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.22% of Flowserve worth $14,975,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FLS. Commonwealth Equity Services LLC grew its position in shares of Flowserve by 5.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 10,466 shares of the industrial products company's stock valued at $503,000 after buying an additional 578 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Flowserve by 220.5% during the second quarter. Victory Capital Management Inc. now owns 126,095 shares of the industrial products company's stock valued at $6,065,000 after purchasing an additional 86,751 shares during the last quarter. Wedbush Securities Inc. raised its position in shares of Flowserve by 40.1% during the 2nd quarter. Wedbush Securities Inc. now owns 7,539 shares of the industrial products company's stock worth $363,000 after purchasing an additional 2,156 shares during the period. AGF Management Ltd. lifted its holdings in shares of Flowserve by 311.4% in the 2nd quarter. AGF Management Ltd. now owns 47,230 shares of the industrial products company's stock worth $2,272,000 after purchasing an additional 35,749 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Flowserve by 58.3% during the 2nd quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company's stock valued at $1,962,000 after purchasing an additional 15,029 shares during the period. Institutional investors own 93.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Royal Bank of Canada raised Flowserve from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $57.00 to $69.00 in a research report on Friday, November 22nd. Robert W. Baird lifted their price objective on shares of Flowserve from $65.00 to $66.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Jefferies Financial Group started coverage on Flowserve in a research report on Friday, October 18th. They set a "buy" rating and a $65.00 price objective for the company. Mizuho raised their target price on Flowserve from $58.00 to $65.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Finally, The Goldman Sachs Group upgraded Flowserve from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $55.00 to $69.00 in a research report on Thursday, December 12th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Flowserve currently has an average rating of "Moderate Buy" and a consensus price target of $64.40.

Flowserve Price Performance

Shares of FLS stock traded down $0.68 during mid-day trading on Friday, hitting $58.33. 1,128,150 shares of the stock traded hands, compared to its average volume of 1,138,692. The company's 50-day simple moving average is $59.48 and its 200-day simple moving average is $53.04. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of 28.88, a price-to-earnings-growth ratio of 1.48 and a beta of 1.42. Flowserve Co. has a twelve month low of $39.37 and a twelve month high of $62.32. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. Flowserve's revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 earnings per share. As a group, equities research analysts expect that Flowserve Co. will post 2.71 earnings per share for the current year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.21 dividend. The ex-dividend date was Friday, December 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.44%. Flowserve's dividend payout ratio is currently 41.58%.

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.