Mutual of America Capital Management LLC Decreases Position in Flowserve Co. (NYSE:FLS)

Mutual of America Capital Management LLC cut its position in Flowserve Co. (NYSE:FLS) by 3.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 78,178 shares of the industrial products company’s stock after selling 2,905 shares during the period. Mutual of America Capital Management LLC owned approximately 0.06% of Flowserve worth $3,571,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Flowserve by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock worth $552,573,000 after buying an additional 144,704 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Flowserve by 2.5% during the third quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock valued at $403,065,000 after purchasing an additional 246,636 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Flowserve by 8.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock valued at $82,595,000 after purchasing an additional 157,125 shares during the last quarter. Norges Bank purchased a new position in shares of Flowserve during the fourth quarter valued at approximately $59,261,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Flowserve by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,259,002 shares of the industrial products company’s stock valued at $51,896,000 after purchasing an additional 24,449 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Price Performance

Shares of NYSE:FLS opened at $48.18 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.28 and a current ratio of 1.88. The firm has a fifty day moving average price of $48.31 and a 200 day moving average price of $45.03. Flowserve Co. has a fifty-two week low of $35.31 and a fifty-two week high of $50.49. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 27.22, a P/E/G ratio of 1.21 and a beta of 1.42.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, beating 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 business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, sell-side analysts expect that Flowserve Co. will post 2.66 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Friday, June 28th. Flowserve’s dividend payout ratio is currently 47.46%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FLS. Bank of America boosted their price objective on shares of Flowserve from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Mizuho reaffirmed a “buy” rating and set a $53.00 target price (up from $50.00) on shares of Flowserve in a report on Wednesday, May 1st. StockNews.com raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 12th. Citigroup upped their target price on shares of Flowserve from $56.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, Stifel Nicolaus upped their target price on shares of Flowserve from $53.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.55.

Insider Activity

In other news, CEO Robert Scott Rowe sold 42,269 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $49.98, for a total value of $2,112,604.62. Following 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 SEC, which is available at this hyperlink. Insiders own 0.72% of the company’s stock.

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.