Nippon Life Global Investors Americas Inc. Cuts Stock Position in Flowserve Co. (NYSE:FLS)

Nippon Life Global Investors Americas Inc. lessened its holdings in Flowserve Co. (NYSE:FLS) by 70.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 146,530 shares of the industrial products company’s stock after selling 342,430 shares during the period. Nippon Life Global Investors Americas Inc. owned approximately 0.11% of Flowserve worth $7,076,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Signaturefd LLC raised its position in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after buying an additional 370 shares in the last quarter. nVerses Capital LLC purchased a new stake in Flowserve during the second quarter valued at approximately $34,000. YHB Investment Advisors Inc. bought a new stake in shares of Flowserve in the 1st quarter valued at approximately $36,000. Raleigh Capital Management Inc. boosted its holdings in shares of Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 596 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Flowserve by 166.0% during the 2nd 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. Institutional investors own 93.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on FLS shares. Stifel Nicolaus raised their price target on Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada increased their price objective on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. TD Cowen boosted their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Bank of America increased their price target on Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Robert W. Baird boosted their price objective on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Flowserve has a consensus rating of “Moderate Buy” and an average price target of $56.11.

Flowserve Trading Down 0.8 %

FLS opened at $47.90 on Monday. Flowserve Co. has a 52 week low of $35.31 and a 52 week high of $52.09. The company has a market capitalization of $6.31 billion, a P/E ratio of 27.06, a PEG ratio of 1.09 and a beta of 1.39. The stock’s fifty day moving average is $47.98 and its two-hundred day moving average is $47.52. 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 data on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating 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 firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. Analysts forecast that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid 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 dividend yield of 1.75%. Flowserve’s dividend payout ratio is presently 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.