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Envestnet Asset Management Inc. Lowers Position in Flowserve Corporation (NYSE:FLS)

Flowserve logo with Industrials background

Envestnet Asset Management Inc. reduced its stake in Flowserve Corporation (NYSE:FLS - Free Report) by 6.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 226,240 shares of the industrial products company's stock after selling 16,143 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.17% of Flowserve worth $11,050,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised its position 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 valued at $14,763,000 after buying an additional 1,103 shares during the last quarter. KBC Group NV raised its position in Flowserve by 4.8% in the 1st quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock valued at $277,000 after buying an additional 258 shares during the last quarter. GAMMA Investing LLC raised its position in Flowserve by 26.6% in the 1st quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company's stock valued at $112,000 after buying an additional 481 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Flowserve in the 1st quarter valued at $216,000. Finally, Allspring Global Investments Holdings LLC raised its position in Flowserve by 453.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company's stock valued at $8,402,000 after buying an additional 139,939 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 6th. Stifel Nicolaus upped their price objective on Flowserve from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Robert W. Baird reduced their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Royal Bank Of Canada upped their price objective on Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, Mizuho set a $60.00 price objective on Flowserve in a research note on Friday, May 16th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Flowserve currently has a consensus rating of "Buy" and an average target price of $63.00.

Get Our Latest Report on FLS

Flowserve Stock Up 0.0%

FLS stock opened at $54.76 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 2.07. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 1.21 and a beta of 1.25. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The stock has a fifty day moving average of $50.54 and a 200-day moving average of $51.93.

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 for the quarter, topping the consensus estimate of $0.59 by $0.13. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.11 billion. Flowserve had a return on equity of 17.68% and a net margin of 6.12%. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 EPS. As a group, equities research analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.53%. Flowserve's dividend payout ratio (DPR) is 39.25%.

About Flowserve

(Free Report)

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.

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Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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