Massachusetts Financial Services Co. MA Purchases 122,161 Shares of Flowserve Corporation (NYSE:FLS)

Massachusetts Financial Services Co. MA lifted its position in Flowserve Corporation (NYSE:FLS - Free Report) by 6.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,954,365 shares of the industrial products company's stock after acquiring an additional 122,161 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.48% of Flowserve worth $95,451,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Signaturefd LLC raised its position 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 valued at $50,000 after acquiring an additional 429 shares during the period. Edgestream Partners L.P. raised its position in shares of Flowserve by 11.1% in the 1st quarter. Edgestream Partners L.P. now owns 11,535 shares of the industrial products company's stock valued at $563,000 after acquiring an additional 1,151 shares during the period. MQS Management LLC acquired a new stake in shares of Flowserve in the 1st quarter valued at approximately $235,000. Louisiana State Employees Retirement System raised its position in shares of Flowserve by 0.8% in the 1st quarter. Louisiana State Employees Retirement System now owns 36,800 shares of the industrial products company's stock valued at $1,797,000 after acquiring an additional 300 shares during the period. Finally, New York State Common Retirement Fund raised its position in shares of Flowserve by 35.2% in the 1st quarter. New York State Common Retirement Fund now owns 312,552 shares of the industrial products company's stock valued at $15,265,000 after acquiring an additional 81,331 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Stock Up 2.0%

Shares of NYSE FLS traded up $1.06 during midday trading on Thursday, reaching $54.85. The company's stock had a trading volume of 1,748,956 shares, compared to its average volume of 1,611,323. 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 fifty-two week low of $37.34 and a fifty-two week high of $65.08. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 25.63, a PEG ratio of 1.19 and a beta of 1.25. The stock has a 50 day simple moving average of $50.40 and a 200-day simple moving average of $52.02.

Flowserve (NYSE:FLS - Get Free Report) last posted 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 company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the company earned $0.58 earnings per share. The firm's revenue was up 5.2% compared to the same quarter last year. Equities research analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.53%. Flowserve's dividend payout ratio is presently 39.25%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group raised their target price on shares of Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Mizuho set a $60.00 target price on shares of Flowserve in a report on Friday, May 16th. Royal Bank Of Canada raised their target price on shares of Flowserve from $49.00 to $53.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Citigroup raised their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Monday. Finally, Stifel Nicolaus raised their target price on shares of Flowserve from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $63.00.

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.