Covestor Ltd Lowers Position in Flowserve Co. (NYSE:FLS)

Covestor Ltd trimmed its position in shares of Flowserve Co. (NYSE:FLS) by 11.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,994 shares of the industrial products company’s stock after selling 268 shares during the quarter. Covestor Ltd’s holdings in Flowserve were worth $115,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Flowserve by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 13,477,208 shares of the industrial products company’s stock valued at $775,209,000 after buying an additional 101,668 shares in the last quarter. FIL Ltd increased its stake in shares of Flowserve by 71.7% in the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock valued at $302,271,000 after purchasing an additional 2,193,904 shares in the last quarter. Geode Capital Management LLC raised its holdings in Flowserve by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock worth $113,851,000 after purchasing an additional 23,529 shares during the period. Invesco Ltd. boosted its position in Flowserve by 52.7% during the fourth quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company’s stock worth $118,953,000 after purchasing an additional 714,063 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Flowserve by 10.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,832,204 shares of the industrial products company’s stock valued at $105,388,000 after purchasing an additional 167,379 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Stock Up 1.0 %

Shares of NYSE:FLS opened at $42.23 on Friday. Flowserve Co. has a 52-week low of $37.34 and a 52-week high of $65.08. The stock has a market cap of $5.56 billion, a P/E ratio of 19.73, a PEG ratio of 1.35 and a beta of 1.22. The business has a fifty day moving average of $51.93 and a two-hundred day moving average of $56.05. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.07). The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. On average, research analysts expect that Flowserve Co. will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a $0.21 dividend. The ex-dividend date was Friday, March 28th. This represents a $0.84 annualized dividend and a yield of 1.99%. Flowserve’s payout ratio is 39.25%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Stifel Nicolaus increased their target price on Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Mizuho lifted their target price on shares of Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. StockNews.com downgraded shares of Flowserve from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Royal Bank of Canada lowered their price objective on Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, Citigroup reduced their target price on Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Company 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.