Allspring Global Investments Holdings LLC Grows Holdings in Flowserve Corporation (NYSE:FLS)

Allspring Global Investments Holdings LLC increased its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 453.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170,808 shares of the industrial products company's stock after purchasing an additional 139,939 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.13% of Flowserve worth $8,402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Flowserve by 26.6% in the first 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 in the last quarter. Johnson Investment Counsel Inc. purchased a new position in Flowserve in the first quarter valued at $216,000. American Century Companies Inc. increased its holdings in Flowserve by 25.9% in the fourth quarter. American Century Companies Inc. now owns 110,994 shares of the industrial products company's stock valued at $6,384,000 after buying an additional 22,850 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Flowserve in the fourth quarter valued at $422,000. Finally, Commonwealth Equity Services LLC increased its holdings in Flowserve by 103.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 20,806 shares of the industrial products company's stock valued at $1,197,000 after buying an additional 10,557 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Trading Up 2.5%

FLS stock traded up $1.32 during trading on Tuesday, reaching $53.47. 2,930,303 shares of the stock were exchanged, compared to its average volume of 1,572,536. 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 business has a 50 day moving average price of $49.43 and a 200-day moving average price of $52.20. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $65.08. The firm has a market capitalization of $6.99 billion, a price-to-earnings ratio of 24.99, a P/E/G ratio of 1.19 and a beta of 1.25.

Flowserve (NYSE:FLS - Get Free Report) last issued its earnings results on Tuesday, April 29th. The industrial products company reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.13. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the firm earned $0.58 earnings per share. Flowserve's quarterly revenue was up 5.2% compared to the same quarter last year. On average, research analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Friday, June 27th. Flowserve's dividend payout ratio (DPR) is presently 39.25%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Robert W. Baird dropped their target price on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Baird R W upgraded shares of Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. The Goldman Sachs Group lifted their target price on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday. Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 6th. Finally, Citigroup dropped their target price on shares of Flowserve from $72.00 to $56.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. One equities research 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's stock. According to data from MarketBeat.com, Flowserve currently has an average rating of "Buy" and a consensus target price of $62.00.

Flowserve Company 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.