Sumitomo Mitsui Trust Holdings Inc. Grows Position in Flowserve Co. (NYSE:FLS)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Flowserve Co. (NYSE:FLS) by 1.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 146,440 shares of the industrial products company’s stock after purchasing an additional 1,600 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.11% of Flowserve worth $6,689,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Contravisory Investment Management Inc. purchased a new stake in shares of Flowserve in the fourth quarter worth about $26,000. Raleigh Capital Management Inc. lifted its holdings in shares of Flowserve by 122.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after buying an additional 596 shares in the last quarter. TFO Wealth Partners LLC lifted its holdings in shares of Flowserve by 14,663.6% in the fourth quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company’s stock worth $67,000 after buying an additional 1,613 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Flowserve in the fourth quarter worth about $178,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Flowserve in the fourth quarter worth about $199,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Robert Scott Rowe sold 42,269 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the completion of the sale, the chief executive officer now owns 407,243 shares of the company’s stock, valued at $20,354,005.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FLS shares. Bank of America upped their price objective on shares of Flowserve from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Stifel Nicolaus upped their price objective on shares of Flowserve from $53.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. StockNews.com upgraded shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 12th. UBS Group upped their price objective on shares of Flowserve from $46.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, Mizuho restated a “buy” rating and issued a $53.00 price objective (up from $50.00) on shares of Flowserve in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.55.

Flowserve Stock Up 2.0 %

Shares of Flowserve stock opened at $47.17 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.28 and a current ratio of 1.88. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $50.49. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 26.65, a P/E/G ratio of 1.21 and a beta of 1.42. The company’s 50 day moving average price is $48.30 and its 200-day moving average price is $45.01.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.11. Flowserve had a net margin of 5.29% and a return on equity of 15.50%. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the business earned $0.40 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. Equities research analysts forecast that Flowserve Co. will post 2.66 EPS for the current year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Friday, June 28th. Flowserve’s payout ratio is 47.46%.

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.