Teacher Retirement System of Texas Buys 11,188 Shares of Flowserve Co. (NYSE:FLS)

Teacher Retirement System of Texas lifted its position in shares of Flowserve Co. (NYSE:FLS) by 3.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 307,170 shares of the industrial products company’s stock after purchasing an additional 11,188 shares during the period. Teacher Retirement System of Texas owned 0.23% of Flowserve worth $17,668,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Flowserve by 1.0% during the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after purchasing an additional 37,132 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Flowserve by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock worth $113,851,000 after purchasing an additional 23,529 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Flowserve by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,755,881 shares of the industrial products company’s stock worth $90,761,000 after purchasing an additional 4,414 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Flowserve by 34.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock worth $86,055,000 after purchasing an additional 422,141 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Flowserve by 197.6% during the third quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock worth $47,207,000 after purchasing an additional 606,416 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FLS. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and increased their target price for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. Mizuho raised their price objective on shares of Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. StockNews.com lowered shares of Flowserve from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. TD Cowen raised their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, Robert W. Baird upgraded shares of Flowserve from a “neutral” rating to an “outperform” rating and set a $71.00 price objective for the company in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Flowserve presently has an average rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve Price Performance

FLS stock opened at $50.65 on Friday. The firm has a 50 day moving average price of $57.54 and a 200-day moving average price of $56.25. Flowserve Co. has a 52-week low of $43.66 and a 52-week high of $65.08. The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 1.35 and a beta of 1.43. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97.

Flowserve (NYSE:FLS) last released its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.07). The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. Equities research analysts forecast that Flowserve Co. will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve’s dividend payout ratio (DPR) is currently 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.