Flowserve Corporation $FLS Shares Sold by Fisher Asset Management LLC

Key Points

• Fisher Asset Management cut its Flowserve stake by 60.1% in the third quarter, selling 1,060,561 shares. It retained 704,825 shares, worth about $51.5 million; institutional investors overall own nearly 94% of the company.
• Flowserve beat quarterly earnings expectations, reporting EPS of $1.07 versus the $0.98 consensus. Revenue was $1.24 billion, up 5.4% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $88.12. The company also paid a quarterly dividend of $0.22 per share, equivalent to a 1.1% annualized yield.

Fisher Asset Management LLC cut its stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 60.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 704,825 shares of the industrial products company's stock after selling 1,060,561 shares during the quarter. Fisher Asset Management LLC owned approximately 0.56% of Flowserve worth $51,537,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in Flowserve by 12.4% in the third quarter. Russell Investments Group Ltd. now owns 270,297 shares of the industrial products company's stock valued at $19,764,000 after acquiring an additional 29,840 shares during the last quarter. Ariadne Wealth Management LP acquired a new stake in Flowserve during the 3rd quarter valued at approximately $212,000. Maryland State Retirement & Pension System raised its holdings in Flowserve by 13.4% during the 3rd quarter. Maryland State Retirement & Pension System now owns 6,958 shares of the industrial products company's stock worth $509,000 after purchasing an additional 821 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in Flowserve by 61.9% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 17,878 shares of the industrial products company's stock worth $1,307,000 after purchasing an additional 6,837 shares during the last quarter. Finally, New York Life Investment Management LLC raised its holdings in Flowserve by 17.9% during the 3rd quarter. New York Life Investment Management LLC now owns 18,992 shares of the industrial products company's stock worth $1,389,000 after purchasing an additional 2,886 shares during the last quarter. Institutional investors own 93.93% of the company's stock.

Flowserve Trading Down 0.8%

FLS stock traded down $0.70 during mid-day trading on Friday, reaching $82.96. The company's stock had a trading volume of 1,047,661 shares, compared to its average volume of 1,715,936. Flowserve Corporation has a 12 month low of $63.27 and a 12 month high of $92.41. The company has a current ratio of 2.10, a quick ratio of 1.53 and a debt-to-equity ratio of 0.86. The business's 50 day moving average price is $74.85 and its 200 day moving average price is $76.70. The company has a market cap of $10.52 billion, a price-to-earnings ratio of 41.69, a price-to-earnings-growth ratio of 1.84 and a beta of 1.28.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.09. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Flowserve had a return on equity of 22.14% and a net margin of 5.42%. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. On average, equities research analysts predict that Flowserve Corporation will post 4.16 EPS for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Friday, September 25th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, September 25th. Flowserve's dividend payout ratio (DPR) is presently 44.22%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FLS shares. Royal Bank Of Canada upped their price objective on shares of Flowserve from $88.00 to $98.00 and gave the company an "outperform" rating in a research note on Friday, October 30th. Weiss Ratings downgraded shares of Flowserve from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, November 4th. Citigroup boosted their target price on shares of Flowserve from $92.00 to $93.00 and gave the company a "buy" rating in a report on Friday, October 30th. Wall Street Zen upgraded shares of Flowserve from a "hold" rating to a "buy" rating in a report on Saturday, October 31st. Finally, Mizuho cut their price target on shares of Flowserve from $91.00 to $85.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Flowserve currently has an average rating of "Moderate Buy" and a consensus target price of $88.12.

Flowserve Profile

Flowserve Corporation is a global manufacturer of flow-control equipment and a provider of related services. Its products include pumps, valves, mechanical seals, and equipment used to monitor and control the movement of liquids and gases. The company serves customers in industries such as oil and gas, chemicals, power generation, water, and general industrial markets. In addition to supplying equipment, Flowserve provides maintenance, repair, and other aftermarket services to support customers' operations.

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