Flowserve Co. (NYSE:FLS) Shares Sold by Zacks Investment Management

Zacks Investment Management lowered its holdings in Flowserve Co. (NYSE:FLS) by 74.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,724 shares of the industrial products company’s stock after selling 82,151 shares during the quarter. Zacks Investment Management’s holdings in Flowserve were worth $1,652,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. FIL Ltd grew its position in Flowserve by 71.7% during the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock worth $302,271,000 after purchasing an additional 2,193,904 shares during the period. Norges Bank purchased a new stake in shares of Flowserve in the fourth quarter worth about $94,629,000. Invesco Ltd. grew its holdings 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 acquiring an additional 714,063 shares during the period. Varenne Capital Partners purchased a new position in Flowserve during the fourth quarter valued at approximately $26,216,000. Finally, Loomis Sayles & Co. L P acquired a new position in Flowserve in the fourth quarter valued at approximately $23,614,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Stock Performance

Shares of NYSE:FLS opened at $41.68 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. Flowserve Co. has a 1 year low of $37.34 and a 1 year high of $65.08. The firm has a market capitalization of $5.49 billion, a PE ratio of 19.48, a P/E/G ratio of 1.35 and a beta of 1.22. The business’s 50 day moving average price is $50.26 and its 200-day moving average price is $55.76.

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 analysts’ consensus estimates 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 return on equity of 17.08% and a net margin of 6.20%. As a group, equities research analysts expect that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Friday, March 28th. Flowserve’s dividend payout ratio is currently 39.25%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FLS. Mizuho raised their price objective on shares of Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Royal Bank of Canada cut their price objective on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Citigroup lowered their target price on shares of Flowserve from $72.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Baird R W upgraded Flowserve from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Finally, TD Cowen upped their price target on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Two research analysts have 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 data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $64.30.

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.