Sumitomo Mitsui Trust Group Inc. Acquires 14,505 Shares of Flowserve Corporation $FLS

Key Points

• Sumitomo Mitsui Trust Group increased its Flowserve stake by 31.8% in the third quarter, buying 14,505 shares to hold 60,072 shares valued at about $4.39 million.
• Flowserve reported quarterly earnings of $1.07 per share, beating the $0.98 consensus estimate; revenue was $1.24 billion, up 5.4% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with a consensus price target of $86.44; five analysts rate the stock Buy and five rate it Hold.

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 31.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,072 shares of the industrial products company's stock after buying an additional 14,505 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Flowserve were worth $4,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Pension & Wealth Management Advisors Inc. acquired a new stake in Flowserve in the third quarter worth about $33,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Flowserve in the 2nd quarter valued at approximately $34,000. Global Retirement Partners LLC purchased a new position in shares of Flowserve in the 2nd quarter valued at approximately $38,000. Root Financial Partners LLC acquired a new stake in Flowserve in the 3rd quarter worth approximately $41,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in Flowserve in the 2nd quarter worth approximately $48,000. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FLS shares. Stifel Nicolaus upped their price target on shares of Flowserve from $92.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, July 31st. The Goldman Sachs Group set a $82.00 price objective on shares of Flowserve in a research note on Thursday, July 30th. Wall Street Zen raised shares of Flowserve from a "hold" rating to a "buy" rating in a report on Saturday, October 31st. Citigroup upped their target price on Flowserve from $92.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, October 30th. Finally, Mizuho reduced their target price on Flowserve from $91.00 to $85.00 and set an "outperform" rating for the company in a research note on Thursday, October 15th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $86.44.

Flowserve Stock Performance

Shares of NYSE:FLS traded up $2.22 during midday trading on Friday, reaching $80.26. The company's stock had a trading volume of 2,021,999 shares, compared to its average volume of 1,796,891. The company has a quick ratio of 1.53, a current ratio of 2.10 and a debt-to-equity ratio of 0.86. The stock has a fifty day moving average of $74.21 and a 200 day moving average of $76.53. Flowserve Corporation has a twelve month low of $63.27 and a twelve month high of $92.41. The firm has a market capitalization of $10.18 billion, a PE ratio of 40.33, a P/E/G ratio of 1.77 and a beta of 1.28.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.98 by $0.09. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Flowserve had a net margin of 5.42% and a return on equity of 22.14%. The firm's revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share. On average, equities analysts expect that Flowserve Corporation will post 4.16 EPS for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Friday, September 25th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 25th. This represents a $0.88 dividend on an annualized basis and a yield of 1.1%. Flowserve's payout ratio is presently 44.22%.

Flowserve Profile

Flowserve Corporation is a global manufacturer of flow-control equipment and related services. The company designs, produces and services pumps, valves, mechanical seals and associated systems used to move, control and protect fluids in industrial processes.

Its products and services support applications across the energy, chemical and petrochemical, water, pharmaceutical, mining, power and general industrial markets. Flowserve also provides aftermarket services, including equipment repair, maintenance, upgrades and replacement parts, helping customers improve the reliability and efficiency of their operations.

Headquartered in Irving, Texas, Flowserve serves customers through manufacturing, sales and service operations in North America, Europe, Asia and other international markets.

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