Millennium Management LLC lessened its stake in Flowserve Co. (NYSE:FLS - Free Report) by 56.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,229,301 shares of the industrial products company's stock after selling 1,581,121 shares during the period. Millennium Management LLC owned about 0.94% of Flowserve worth $70,709,000 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. FIL Ltd grew its stake in shares of Flowserve by 71.7% in the fourth quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company's stock valued at $302,271,000 after buying an additional 2,193,904 shares in the last quarter. Norges Bank acquired a new position in Flowserve in the 4th quarter valued at about $94,629,000. Driehaus Capital Management LLC grew its position in Flowserve by 307.1% in the 4th quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock valued at $108,651,000 after acquiring an additional 1,424,948 shares in the last quarter. Invesco Ltd. increased its stake in Flowserve by 52.7% during the fourth quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company's stock worth $118,953,000 after purchasing an additional 714,063 shares during the period. Finally, Varenne Capital Partners acquired a new stake in shares of Flowserve during the fourth quarter worth about $26,216,000. Hedge funds and other institutional investors own 93.93% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the company. Citigroup reduced their price objective on Flowserve from $72.00 to $56.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus upped their price target on Flowserve from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Baird R W raised Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Robert W. Baird lowered their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Mizuho set a $60.00 target price on shares of Flowserve in a research note on Friday. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $63.00.
Check Out Our Latest Stock Analysis on Flowserve
Flowserve Stock Down 1.0%
Flowserve stock traded down $0.52 during mid-day trading on Wednesday, hitting $50.33. The company had a trading volume of 106,825 shares, compared to its average volume of 1,292,773. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. Flowserve Co. has a 1 year low of $37.34 and a 1 year high of $65.08. The business has a fifty day moving average of $46.62 and a 200 day moving average of $54.72. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 23.49, a PEG ratio of 1.35 and a beta of 1.21.
Flowserve (NYSE:FLS - Get Free Report) last posted its 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. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The firm 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 firm posted $0.58 EPS. The company's revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts expect that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.
Flowserve Dividend Announcement
The company also recently disclosed 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. This represents a $0.84 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Friday, June 27th. Flowserve's dividend payout ratio is currently 39.25%.
About Flowserve
(
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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