Flowserve Corporation (NYSE:FLS) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in Flowserve Corporation (NYSE:FLS - Free Report) by 12.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,508,652 shares of the industrial products company's stock after selling 210,420 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.15% of Flowserve worth $73,683,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Calamos Advisors LLC purchased a new position in Flowserve in the 1st quarter worth approximately $1,813,000. Principal Financial Group Inc. lifted its stake in Flowserve by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company's stock worth $14,763,000 after purchasing an additional 1,103 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Flowserve by 0.9% in the 1st quarter. Vontobel Holding Ltd. now owns 28,222 shares of the industrial products company's stock worth $1,378,000 after purchasing an additional 238 shares in the last quarter. ABLE Financial Group LLC lifted its stake in Flowserve by 6.2% in the 1st quarter. ABLE Financial Group LLC now owns 19,930 shares of the industrial products company's stock worth $973,000 after purchasing an additional 1,169 shares in the last quarter. Finally, Peregrine Capital Management LLC lifted its stake in Flowserve by 14.1% in the 1st quarter. Peregrine Capital Management LLC now owns 176,990 shares of the industrial products company's stock worth $8,644,000 after purchasing an additional 21,927 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citigroup decreased their target price on shares of Flowserve from $72.00 to $56.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Mizuho set a $60.00 target price on shares of Flowserve in a research note on Friday, May 16th. The Goldman Sachs Group raised their target price on shares of Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. Finally, Robert W. Baird cut their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $62.00.

Flowserve Trading Down 0.9%

Flowserve stock traded down $0.48 during trading on Friday, hitting $53.66. The company had a trading volume of 1,770,068 shares, compared to its average volume of 1,595,687. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08. The company has a current ratio of 2.07, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. The company's 50 day simple moving average is $49.89 and its 200-day simple moving average is $52.06. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 25.08, a price-to-earnings-growth ratio of 1.18 and a beta of 1.25.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.13. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.58 EPS. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. As a group, analysts expect that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.57%. Flowserve's dividend payout ratio (DPR) is 39.25%.

Flowserve 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.