Flowserve Corporation $FLS Stock Acquired by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman & Co. increased its Flowserve stake by 4.3% in the third quarter, adding 142,513 shares to hold about 3.45 million shares worth $252.6 million. Flowserve represents roughly 2% of the fund’s portfolio.
• Other institutional investors also added to or opened positions in Flowserve; hedge funds and institutions collectively own 93.93% of the company’s shares.
• Flowserve beat quarterly earnings expectations, reporting EPS of $1.07 versus $0.98 forecast, while revenue rose 5.4% year over year to $1.24 billion. Analysts’ consensus rating was “Moderate Buy,” with an average target price of $86.44.

Beutel Goodman & Co Ltd. grew its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 4.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,454,279 shares of the industrial products company's stock after purchasing an additional 142,513 shares during the quarter. Flowserve makes up approximately 2.0% of Beutel Goodman & Co Ltd.'s holdings, making the stock its 18th biggest position. Beutel Goodman & Co Ltd. owned about 2.72% of Flowserve worth $252,576,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Parallel Advisors LLC increased its holdings in Flowserve by 37.2% during the third quarter. Parallel Advisors LLC now owns 1,276 shares of the industrial products company's stock valued at $93,000 after buying an additional 346 shares during the last quarter. Kestra Advisory Services LLC boosted its stake in shares of Flowserve by 30.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 4,339 shares of the industrial products company's stock worth $317,000 after acquiring an additional 1,016 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Flowserve by 31.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 60,072 shares of the industrial products company's stock worth $4,392,000 after acquiring an additional 14,505 shares during the last quarter. Vise Technologies Inc. purchased a new position in shares of Flowserve during the 3rd quarter worth $269,000. Finally, MGO One Seven LLC bought a new stake in shares of Flowserve during the 3rd quarter valued at $277,000. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Stock Performance

Shares of NYSE FLS opened at $85.73 on Tuesday. The firm has a fifty day moving average price of $74.31 and a 200-day moving average price of $76.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.10 and a quick ratio of 1.53. The stock has a market cap of $10.87 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 1.79 and a beta of 1.28. Flowserve Corporation has a 1 year low of $63.27 and a 1 year high of $92.41.

Flowserve (NYSE:FLS - Get Free Report) last released its earnings results on Wednesday, October 28th. The industrial products company reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.09. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Flowserve had a net margin of 5.42% and a return on equity of 22.14%. Flowserve's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 EPS. Equities analysts anticipate that Flowserve Corporation will post 4.16 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, September 25th. Flowserve's payout ratio is presently 44.22%.

Analyst Ratings Changes

A number of equities analysts recently commented on FLS shares. Robert W. Baird set a $93.00 target price on Flowserve in a report on Friday, July 31st. Stifel Nicolaus lifted their target price on Flowserve from $92.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Royal Bank Of Canada boosted their price target on Flowserve from $88.00 to $98.00 and gave the company an "outperform" rating in a report on Friday, October 30th. The Goldman Sachs Group set a $82.00 price target on Flowserve in a research report on Thursday, July 30th. Finally, Citigroup raised their price objective on Flowserve from $92.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, October 30th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $86.44.

Flowserve Company 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.

Flowserve was formed in 1997 through the merger of BW/IP and Durco International, bringing together businesses with longer histories in pump and flow-control manufacturing.

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