Flowserve Co. (NYSE:FLS) Shares Sold by Covestor Ltd

Covestor Ltd reduced its stake in Flowserve Co. (NYSE:FLS) by 11.8% during the 4th quarter, HoldingsChannel.com reports. The fund 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 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. New York Life Investment Management LLC acquired a new position in Flowserve during the fourth quarter worth $800,000. GAMMA Investing LLC lifted its stake in Flowserve by 19.1% during the 4th quarter. GAMMA Investing LLC now owns 1,807 shares of the industrial products company’s stock worth $104,000 after acquiring an additional 290 shares in the last quarter. Cookson Peirce & Co. Inc. boosted its holdings in Flowserve by 55.8% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 20,541 shares of the industrial products company’s stock valued at $1,182,000 after acquiring an additional 7,357 shares during the period. Avantax Advisory Services Inc. acquired a new position in Flowserve in the 4th quarter valued at about $278,000. Finally, American Century Companies Inc. increased its stake in Flowserve by 25.9% during the fourth quarter. American Century Companies Inc. now owns 110,994 shares of the industrial products company’s stock worth $6,384,000 after purchasing an additional 22,850 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLS. TD Cowen raised their price objective on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. StockNews.com cut shares of Flowserve from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Robert W. Baird raised Flowserve from a “neutral” rating to an “outperform” rating and set a $71.00 price objective on the stock in a research report on Monday, March 17th. Stifel Nicolaus lifted their target price on Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Finally, Baird R W raised Flowserve from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Flowserve has a consensus rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Stock Up 1.0 %

Shares of NYSE FLS opened at $42.23 on Friday. Flowserve Co. has a 1 year low of $37.34 and a 1 year high of $65.08. The company has a market capitalization of $5.56 billion, a price-to-earnings ratio of 19.73, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. The business has a 50-day moving average of $51.93 and a two-hundred day moving average of $56.05.

Flowserve (NYSE:FLS) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.07). The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. On average, analysts forecast that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

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

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.