Flowserve Co. (NYSE:FLS) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its position in shares of Flowserve Co. (NYSE:FLS) by 42.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,400 shares of the industrial products company’s stock after selling 123,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.13% of Flowserve worth $8,004,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FLS. Janney Montgomery Scott LLC raised its holdings in shares of Flowserve by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,458 shares of the industrial products company’s stock valued at $1,214,000 after acquiring an additional 3,558 shares during the last quarter. Norges Bank acquired a new stake in shares of Flowserve in the fourth quarter valued at approximately $59,261,000. UBS Group AG increased its holdings in shares of Flowserve by 4.0% in the fourth quarter. UBS Group AG now owns 280,544 shares of the industrial products company’s stock valued at $11,564,000 after purchasing an additional 10,872 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Flowserve by 2.2% in the fourth quarter. Wells Fargo & Company MN now owns 388,740 shares of the industrial products company’s stock valued at $16,024,000 after purchasing an additional 8,280 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Flowserve in the fourth quarter valued at approximately $178,000. Institutional investors and hedge funds own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FLS shares. Royal Bank of Canada increased their price target on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Bank of America reaffirmed a “buy” rating and issued a $60.00 price target on shares of Flowserve in a report on Tuesday. Stifel Nicolaus increased their price target on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. TD Cowen increased their price target on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird increased their price target on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Flowserve currently has a consensus rating of “Moderate Buy” and an average price target of $56.11.

Flowserve Trading Up 7.3 %

FLS opened at $52.14 on Wednesday. Flowserve Co. has a 52 week low of $35.31 and a 52 week high of $52.22. The business has a fifty day simple moving average of $47.97 and a 200-day simple moving average of $47.62. The firm has a market cap of $6.86 billion, a P/E ratio of 29.46, a P/E/G ratio of 1.09 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the business posted $0.52 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts expect that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.61%. Flowserve’s dividend payout ratio is currently 47.46%.

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.