Nuveen Asset Management LLC Sells 233,841 Shares of Flowserve Co. (NYSE:FLS)

Nuveen Asset Management LLC lowered its stake in shares of Flowserve Co. (NYSE:FLS - Free Report) by 9.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,131,232 shares of the industrial products company's stock after selling 233,841 shares during the period. Nuveen Asset Management LLC owned approximately 1.62% of Flowserve worth $122,588,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Headlands Technologies LLC boosted its stake in shares of Flowserve by 4,790.0% in the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock worth $28,000 after buying an additional 479 shares during the last quarter. Colonial Trust Co SC boosted its stake in shares of Flowserve by 415.7% in the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after buying an additional 478 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Flowserve by 64.2% in the 4th quarter. UMB Bank n.a. now owns 711 shares of the industrial products company's stock worth $41,000 after buying an additional 278 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Flowserve by 185.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company's stock worth $53,000 after buying an additional 595 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in shares of Flowserve by 34.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,070 shares of the industrial products company's stock worth $62,000 after purchasing an additional 275 shares during the period. Institutional investors and hedge funds own 93.93% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FLS shares. Robert W. Baird dropped their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Citigroup reduced their target price on shares of Flowserve from $72.00 to $56.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Mizuho set a $60.00 target price on shares of Flowserve in a research note on Friday. StockNews.com raised shares of Flowserve from a "hold" rating to a "buy" rating in a report on Wednesday, April 30th. Finally, Baird R W raised shares of Flowserve from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $63.00.

Flowserve Trading Down 1.1%

Shares of Flowserve stock traded down $0.57 during trading on Tuesday, reaching $50.80. 831,597 shares of the stock were exchanged, compared to its average volume of 1,294,712. 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 stock's fifty day moving average is $46.56 and its 200 day moving average is $54.74. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 1.35 and a beta of 1.21.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.13. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.58 earnings per share. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities research analysts expect that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Friday, June 27th. Flowserve's dividend payout ratio is presently 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.