Oppenheimer Asset Management Inc. Sells 25,149 Shares of Flowserve Corporation (NYSE:FLS)

Oppenheimer Asset Management Inc. lowered its stake in Flowserve Corporation (NYSE:FLS - Free Report) by 35.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,493 shares of the industrial products company's stock after selling 25,149 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Flowserve were worth $2,271,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Truist Financial Corp lifted its holdings in shares of Flowserve by 32.3% during the 4th quarter. Truist Financial Corp now owns 21,534 shares of the industrial products company's stock valued at $1,239,000 after buying an additional 5,262 shares during the period. Advisor OS LLC purchased a new stake in Flowserve during the fourth quarter valued at $240,000. New York Life Investment Management LLC bought a new position in Flowserve in the fourth quarter valued at about $800,000. Proficio Capital Partners LLC purchased a new position in Flowserve in the fourth quarter worth about $930,000. Finally, Versor Investments LP grew its stake in shares of Flowserve by 43.9% during the 4th quarter. Versor Investments LP now owns 8,033 shares of the industrial products company's stock valued at $462,000 after purchasing an additional 2,449 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Flowserve from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Royal Bank Of Canada increased their price target on shares of Flowserve from $49.00 to $53.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Robert W. Baird dropped their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Baird R W raised shares of Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Finally, Mizuho set a $60.00 price objective on Flowserve in a research note on Friday, May 16th. One 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, Flowserve currently has an average rating of "Buy" and an average price target of $63.00.

Flowserve Price Performance

Shares of FLS stock traded up $1.88 on Friday, hitting $53.76. 9,827,180 shares of the stock traded hands, compared to its average volume of 1,494,400. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.07 and a quick ratio of 1.46. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $65.08. The firm has a 50 day simple moving average of $47.76 and a two-hundred day simple moving average of $52.59. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 1.11 and a beta of 1.26.

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

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.21 dividend. The ex-dividend date is Friday, June 27th. This represents a $0.84 annualized dividend and a yield of 1.56%. Flowserve's payout ratio is 39.25%.

About Flowserve

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.