Northern Trust Corp lowered its stake in shares of Flowserve Co. (NYSE:FLS – Free Report) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 947,513 shares of the industrial products company’s stock after selling 18,149 shares during the quarter. Northern Trust Corp owned approximately 0.72% of Flowserve worth $37,683,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. First Manhattan CO. LLC. grew its holdings in Flowserve by 682.6% during the 1st quarter. First Manhattan CO. LLC. now owns 900 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 785 shares during the last quarter. Quarry LP bought a new stake in Flowserve during the 1st quarter worth about $38,000. Harbour Investments Inc. grew its holdings in Flowserve by 79.5% during the 4th quarter. Harbour Investments Inc. now owns 1,581 shares of the industrial products company’s stock worth $49,000 after acquiring an additional 700 shares during the last quarter. Gyon Technologies Capital Management LP bought a new stake in Flowserve during the 4th quarter worth about $58,000. Finally, Captrust Financial Advisors boosted its stake in shares of Flowserve by 17.1% in the 2nd quarter. Captrust Financial Advisors now owns 2,073 shares of the industrial products company’s stock valued at $59,000 after purchasing an additional 303 shares during the last quarter. Institutional investors own 94.50% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on FLS. StockNews.com raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 22nd. Royal Bank of Canada boosted their price target on shares of Flowserve from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 22nd. Mizuho boosted their price target on shares of Flowserve from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Finally, Robert W. Baird boosted their price target on shares of Flowserve from $46.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Flowserve presently has a consensus rating of “Moderate Buy” and an average target price of $46.57.
View Our Latest Analysis on Flowserve
Flowserve Price Performance
Shares of NYSE:FLS opened at $42.28 on Wednesday. Flowserve Co. has a 52 week low of $29.99 and a 52 week high of $43.64. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.27 and a current ratio of 1.88. The company has a market capitalization of $5.55 billion, a PE ratio of 29.99, a PEG ratio of 1.21 and a beta of 1.45. The company has a 50 day moving average price of $41.17 and a two-hundred day moving average price of $39.51.
Flowserve (NYSE:FLS – Get Free Report) last issued its earnings results on Wednesday, February 21st. The industrial products company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $0.63 earnings per share. The business’s quarterly revenue was up 12.2% on a year-over-year basis. Analysts forecast that Flowserve Co. will post 2.55 earnings per share for the current year.
Flowserve Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, March 28th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Wednesday, March 27th. This is a boost from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s dividend payout ratio is 56.74%.
Flowserve Profile
Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, the Middle East, Africa, Asia Pacific, and Europe. 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, 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.
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