Invesco Ltd. lowered its stake in Flowserve Corporation (NYSE:FLS - Free Report) by 7.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,915,303 shares of the industrial products company's stock after selling 152,722 shares during the quarter. Invesco Ltd. owned about 1.47% of Flowserve worth $93,543,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Advisory Services Network LLC raised its stake in Flowserve by 23.4% during the 4th quarter. Advisory Services Network LLC now owns 5,792 shares of the industrial products company's stock worth $333,000 after acquiring an additional 1,097 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Flowserve in the fourth quarter worth $14,546,000. Sterling Capital Management LLC raised its position in shares of Flowserve by 56.7% during the 4th quarter. Sterling Capital Management LLC now owns 7,846 shares of the industrial products company's stock valued at $451,000 after purchasing an additional 2,839 shares during the period. Barclays PLC lifted its stake in shares of Flowserve by 93.6% during the 4th quarter. Barclays PLC now owns 444,007 shares of the industrial products company's stock valued at $25,540,000 after buying an additional 214,628 shares in the last quarter. Finally, Mariner LLC boosted its holdings in Flowserve by 4.5% in the 4th quarter. Mariner LLC now owns 6,887 shares of the industrial products company's stock worth $396,000 after buying an additional 294 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total value of $532,200.00. Following the sale, the insider owned 37,196 shares of the company's stock, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.76% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
FLS has been the topic of a number of recent analyst reports. Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Royal Bank Of Canada lifted their target price on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Stifel Nicolaus boosted their price target on Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Robert W. Baird cut their price objective 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. Finally, The Goldman Sachs Group lifted their price objective on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $65.78.
View Our Latest Analysis on Flowserve
Flowserve Trading Down 0.6%
Shares of FLS opened at $52.70 on Friday. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. The company's fifty day moving average is $52.07 and its 200 day moving average is $51.07. The stock has a market capitalization of $6.89 billion, a PE ratio of 23.85, a P/E/G ratio of 1.10 and a beta of 1.28.
Flowserve (NYSE:FLS - Get Free Report) last announced its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.13. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.22 billion. Sell-side analysts expect that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.
Flowserve Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. Flowserve's payout ratio is 38.01%.
Flowserve Company Profile
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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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