State of Alaska Department of Revenue Grows Stock Holdings in Flowserve Co. (NYSE:FLS)

State of Alaska Department of Revenue increased its holdings in shares of Flowserve Co. (NYSE:FLS) by 7.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,208 shares of the industrial products company’s stock after purchasing an additional 1,035 shares during the period. State of Alaska Department of Revenue’s holdings in Flowserve were worth $786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FLS. Wealth Enhancement Advisory Services LLC boosted its position in Flowserve by 1.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 622,701 shares of the industrial products company’s stock worth $32,187,000 after purchasing an additional 10,403 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Flowserve by 159.9% in the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 403 shares during the period. Lecap Asset Management Ltd. boosted its holdings in Flowserve by 14.9% during the third quarter. Lecap Asset Management Ltd. now owns 19,382 shares of the industrial products company’s stock worth $1,002,000 after buying an additional 2,520 shares in the last quarter. RBA Wealth Management LLC grew its position in Flowserve by 6.2% during the third quarter. RBA Wealth Management LLC now owns 77,104 shares of the industrial products company’s stock valued at $3,985,000 after buying an additional 4,510 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Flowserve by 51.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 10,816 shares of the industrial products company’s stock worth $559,000 after acquiring an additional 3,675 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FLS shares. Mizuho raised their target price on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America upped their target price on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. Jefferies Financial Group started coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price objective for the company. Finally, StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Flowserve has a consensus rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Trading Up 7.7 %

Shares of Flowserve stock opened at $59.58 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The stock’s 50 day simple moving average is $51.33 and its 200-day simple moving average is $49.29. The stock has a market cap of $7.83 billion, a P/E ratio of 29.50, a P/E/G ratio of 1.29 and a beta of 1.38. Flowserve Co. has a 1-year low of $36.85 and a 1-year high of $60.21.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the company earned $0.50 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. Analysts predict that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.41%. Flowserve’s payout ratio is 41.58%.

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.