Xponance Inc. Reduces Stake in Flowserve Co. (NYSE:FLS)

Xponance Inc. reduced its stake in shares of Flowserve Co. (NYSE:FLS) by 9.4% in the second quarter, Holdings Channel reports. The fund owned 14,167 shares of the industrial products company’s stock after selling 1,468 shares during the quarter. Xponance Inc.’s holdings in Flowserve were worth $681,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Signaturefd LLC grew its holdings in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 370 shares during the period. nVerses Capital LLC purchased a new stake in Flowserve in the 2nd quarter worth about $34,000. YHB Investment Advisors Inc. bought a new stake in Flowserve in the 1st quarter valued at about $36,000. GAMMA Investing LLC lifted its holdings in Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares during the last quarter. Finally, Raleigh Capital Management Inc. lifted its holdings in Flowserve by 122.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 596 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on FLS shares. Stifel Nicolaus upped their price target on shares of Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Bank of America restated a “buy” rating and set a $60.00 target price on shares of Flowserve in a research report on Tuesday, September 24th. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Royal Bank of Canada increased their price objective on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 31st. Finally, Robert W. Baird raised their target price on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Flowserve presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

Flowserve Price Performance

FLS opened at $51.37 on Monday. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $6.76 billion, a P/E ratio of 29.02, a PEG ratio of 1.16 and a beta of 1.39. The stock has a 50-day moving average price of $48.06 and a 200-day moving average price of $47.78. Flowserve Co. has a 12-month low of $35.31 and a 12-month high of $53.86.

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

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.64%. Flowserve’s dividend payout ratio is presently 47.46%.

About Flowserve

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.