Marietta Investment Partners LLC Sells 14,553 Shares of Flowserve Corporation (NYSE:FLS)

Key Points

• Marietta Investment Partners LLC has reduced its stakes in Flowserve Corporation by 31.0% to 32,454 shares, valued at approximately $1.59 million.
• Flowserve reported quarterly earnings of $0.72 per share, surpassing estimates by $0.13, while revenue increased by 5.2% year-over-year to $1.14 billion.
• Analysts remain optimistic, with Citigroup and others raising price targets for Flowserve, resulting in a consensus rating of "Buy" and an average price target of $64.00.

Marietta Investment Partners LLC trimmed its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 31.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 32,454 shares of the industrial products company's stock after selling 14,553 shares during the period. Marietta Investment Partners LLC's holdings in Flowserve were worth $1,585,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Headlands Technologies LLC lifted its holdings in Flowserve by 4,790.0% during the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 479 shares during the last quarter. Park Square Financial Group LLC acquired a new stake in shares of Flowserve during the fourth quarter worth approximately $33,000. Colonial Trust Co SC raised its stake in shares of Flowserve by 415.7% in the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock valued at $34,000 after acquiring an additional 478 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Flowserve by 71.5% in the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after acquiring an additional 429 shares in the last quarter. Finally, True Wealth Design LLC grew its position in Flowserve by 80.1% during the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company's stock worth $51,000 after acquiring an additional 394 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on FLS shares. Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 6th. Stifel Nicolaus increased their price objective on shares of Flowserve from $59.00 to $63.00 and gave the stock a "buy" rating in a report on Monday, July 21st. The Goldman Sachs Group upped their target price on shares of Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada raised their price target on shares of Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, Mizuho set a $60.00 price objective on shares of Flowserve in a research report on Friday, May 16th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $64.00.

Flowserve Trading Down 0.0%

Shares of NYSE:FLS traded down $0.03 during trading on Monday, hitting $54.82. 1,900,959 shares of the company's stock were exchanged, compared to its average volume of 2,542,762. The firm has a market cap of $7.17 billion, a P/E ratio of 19.80, a PEG ratio of 1.21 and a beta of 1.25. The firm has a 50-day moving average price of $50.82 and a two-hundred day moving average price of $51.76. The company has a current ratio of 2.07, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.11 billion. During the same quarter in the previous year, the company earned $0.58 earnings per share. The business's revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

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

Flowserve 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.