Flowserve Co. (NYSE:FLS) Stake Lowered by Concentric Capital Strategies LP

Concentric Capital Strategies LP reduced its stake in Flowserve Co. (NYSE:FLS - Free Report) by 55.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,674 shares of the industrial products company's stock after selling 65,327 shares during the period. Concentric Capital Strategies LP's holdings in Flowserve were worth $3,030,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Flowserve by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 13,477,208 shares of the industrial products company's stock valued at $775,209,000 after acquiring an additional 101,668 shares during the period. FIL Ltd boosted its stake in Flowserve by 71.7% in the fourth quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company's stock valued at $302,271,000 after acquiring an additional 2,193,904 shares during the period. AQR Capital Management LLC boosted its stake in Flowserve by 9.7% in the fourth quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company's stock valued at $168,272,000 after acquiring an additional 258,361 shares during the period. Dimensional Fund Advisors LP boosted its stake in Flowserve by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,368,082 shares of the industrial products company's stock valued at $136,213,000 after acquiring an additional 38,340 shares during the period. Finally, Invesco Ltd. boosted its stake in Flowserve by 52.7% in the fourth quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company's stock valued at $118,953,000 after acquiring an additional 714,063 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Price Performance

Shares of NYSE FLS traded up $1.24 during trading on Tuesday, hitting $52.07. The company had a trading volume of 395,372 shares, compared to its average volume of 1,278,649. The company has a market cap of $6.81 billion, a P/E ratio of 24.33, a PEG ratio of 1.35 and a beta of 1.21. Flowserve Co. has a 52 week low of $37.34 and a 52 week high of $65.08. The business's 50-day moving average is $46.18 and its 200 day moving average is $54.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.13. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.11 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The firm's revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 earnings per share. Equities research analysts predict that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.61%. The ex-dividend date was Friday, March 28th. Flowserve's payout ratio is 39.25%.

Wall Street Analysts Forecast Growth

FLS has been the subject of a number of research reports. StockNews.com upgraded Flowserve from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Robert W. Baird cut their price target on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Citigroup cut their price target on Flowserve from $72.00 to $56.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Royal Bank of Canada lifted their price target on Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, TD Cowen lifted their price target on Flowserve from $60.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flowserve presently has an average rating of "Buy" and a consensus price target of $64.11.

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.