Bank of New York Mellon Corp Acquires 118,254 Shares of Flowserve Corporation $FLS

Key Points

• Bank of New York Mellon increased its stake in Flowserve by 5.1% in the first quarter, buying 118,254 more shares and bringing its total holding to 2.45 million shares worth about $180 million.
• Flowserve reported mixed quarterly results: EPS of $0.85 beat expectations, but revenue of $1.07 billion came in below estimates and fell 6.7% year over year.
• Analysts remain moderately positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $86.70, while the shares recently traded down 1.3% to $68.43.

Bank of New York Mellon Corp lifted its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 5.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,448,977 shares of the industrial products company's stock after purchasing an additional 118,254 shares during the period. Bank of New York Mellon Corp owned 1.92% of Flowserve worth $180,024,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its position in shares of Flowserve by 1,300.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 203,715 shares of the industrial products company's stock worth $14,967,000 after acquiring an additional 189,165 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in Flowserve by 19.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 128,436 shares of the industrial products company's stock valued at $8,911,000 after acquiring an additional 20,725 shares during the last quarter. William Blair Investment Management LLC increased its position in Flowserve by 142.4% during the 4th quarter. William Blair Investment Management LLC now owns 1,048,137 shares of the industrial products company's stock valued at $72,720,000 after purchasing an additional 615,769 shares during the period. Bullseye Asset Management LLC increased its position in Flowserve by 54.5% during the 4th quarter. Bullseye Asset Management LLC now owns 85,000 shares of the industrial products company's stock valued at $5,897,000 after purchasing an additional 30,000 shares during the period. Finally, Hillsdale Investment Management Inc. raised its holdings in Flowserve by 27.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 72,950 shares of the industrial products company's stock worth $5,061,000 after purchasing an additional 15,850 shares during the last quarter. Institutional investors own 93.93% of the company's stock.

Flowserve Stock Down 1.3%

Flowserve stock opened at $68.43 on Friday. The company has a market capitalization of $8.75 billion, a PE ratio of 25.35, a PEG ratio of 1.54 and a beta of 1.23. Flowserve Corporation has a 12-month low of $48.71 and a 12-month high of $92.41. The firm's fifty day moving average is $72.98 and its 200 day moving average is $76.89. The company has a quick ratio of 1.63, a current ratio of 2.22 and a debt-to-equity ratio of 0.73.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The industrial products company reported $0.85 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.03. Flowserve had a net margin of 7.61% and a return on equity of 21.46%. The business had revenue of $1.07 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period last year, the company posted $0.72 earnings per share. The business's quarterly revenue was down 6.7% on a year-over-year basis. Flowserve has set its FY 2026 guidance at 4.000-4.200 EPS. As a group, sell-side analysts predict that Flowserve Corporation will post 4.05 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Friday, June 26th. Flowserve's payout ratio is presently 32.59%.

Insiders Place Their Bets

In other news, Director Brian D. Savoy purchased 1,000 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $67.34 per share, with a total value of $67,340.00. Following the purchase, the director owned 1,000 shares in the company, valued at $67,340. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

FLS has been the topic of a number of analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $83.00 price objective on shares of Flowserve in a research note on Thursday, April 30th. Jefferies Financial Group reissued a "buy" rating and set a $90.00 target price (down from $100.00) on shares of Flowserve in a research note on Tuesday, March 31st. Stifel Nicolaus set a $92.00 target price on shares of Flowserve in a report on Friday, May 1st. TD Cowen cut shares of Flowserve from a "buy" rating to a "hold" rating and cut their price target for the company from $85.00 to $70.00 in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada decreased their price target on Flowserve from $98.00 to $91.00 and set an "outperform" rating for the company in a report on Friday, May 1st. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Flowserve has a consensus rating of "Moderate Buy" and an average price target of $86.70.

About Flowserve

Flowserve Corporation NYSE: FLS is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve's offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve's product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.

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