Allworth Financial LP Raises Position in Flowserve Co. (NYSE:FLS)

Allworth Financial LP grew its holdings in shares of Flowserve Co. (NYSE:FLS) by 159.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 655 shares of the industrial products company’s stock after purchasing an additional 403 shares during the period. Allworth Financial LP’s holdings in Flowserve were worth $34,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in FLS. State of Michigan Retirement System raised its holdings in Flowserve by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 32,268 shares of the industrial products company’s stock worth $1,474,000 after acquiring an additional 800 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Flowserve by 1.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,440 shares of the industrial products company’s stock worth $6,689,000 after buying an additional 1,600 shares during the period. Retirement Systems of Alabama boosted its holdings in Flowserve by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company’s stock worth $7,526,000 after buying an additional 433 shares during the period. BNP Paribas Financial Markets lifted its stake in Flowserve by 20.9% in the 1st quarter. BNP Paribas Financial Markets now owns 79,494 shares of the industrial products company’s stock worth $3,631,000 after purchasing an additional 13,738 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Flowserve by 6.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 31,471 shares of the industrial products company’s stock worth $1,438,000 after purchasing an additional 2,013 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Trading Up 1.7 %

NYSE FLS opened at $53.54 on Friday. The company has a fifty day simple moving average of $50.81 and a two-hundred day simple moving average of $49.00. The stock has a market cap of $7.03 billion, a P/E ratio of 26.50, a P/E/G ratio of 1.28 and a beta of 1.39. Flowserve Co. has a 12-month low of $36.56 and a 12-month high of $55.90. The company has a current ratio of 1.99, a quick ratio of 1.40 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the prior year, the business posted $0.50 EPS. The company’s quarterly revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that Flowserve Co. will post 2.71 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.57%. Flowserve’s dividend payout ratio (DPR) is presently 41.58%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird upped their target price on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday. Royal Bank of Canada upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Bank of America increased their price objective on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Stifel Nicolaus increased their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $60.10.

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.