Amalgamated Bank Sells 13,553 Shares of Flowserve Co. (NYSE:FLS)

Amalgamated Bank lessened its stake in shares of Flowserve Co. (NYSE:FLS - Free Report) by 17.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 62,647 shares of the industrial products company's stock after selling 13,553 shares during the quarter. Amalgamated Bank's holdings in Flowserve were worth $3,238,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in FLS. Toronto Dominion Bank boosted its position in Flowserve by 0.7% during the 1st quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company's stock valued at $2,127,000 after buying an additional 305 shares during the period. Signaturefd LLC boosted its holdings in shares of Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company's stock worth $27,000 after purchasing an additional 370 shares during the period. Allworth Financial LP grew its stake in shares of Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company's stock worth $34,000 after purchasing an additional 403 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Flowserve by 7.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company's stock valued at $286,000 after purchasing an additional 426 shares during the period. Finally, Creative Planning increased its holdings in Flowserve by 6.9% during the 3rd quarter. Creative Planning now owns 6,879 shares of the industrial products company's stock valued at $356,000 after purchasing an additional 444 shares during the period. Institutional investors own 93.93% of the company's stock.

Flowserve Stock Up 2.1 %

FLS traded up $1.21 during midday trading on Friday, reaching $59.88. The company's stock had a trading volume of 1,284,698 shares, compared to its average volume of 1,309,577. Flowserve Co. has a 1 year low of $37.00 and a 1 year high of $60.21. The stock's 50-day moving average is $51.71 and its 200-day moving average is $49.49. The firm has a market capitalization of $7.87 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 1.43 and a beta of 1.38. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the previous year, the company earned $0.50 EPS. The business's quarterly revenue was up 3.5% on a year-over-year basis. As a group, research analysts expect that Flowserve Co. will post 2.72 EPS for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Friday, September 27th. Flowserve's dividend payout ratio is presently 41.58%.

Analyst Upgrades and Downgrades

FLS has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on Flowserve from $60.00 to $61.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Jefferies Financial Group began coverage on shares of Flowserve in a report on Friday, October 18th. They issued a "buy" rating and a $65.00 price target on the stock. Bank of America upped their price objective on shares of Flowserve from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Mizuho lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Finally, TD Cowen increased their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Flowserve has a consensus rating of "Moderate Buy" and an average target price of $60.10.

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.