Beutel Goodman & Co Ltd. cut its stake in shares of Flowserve Co. (NYSE:FLS - Free Report) by 42.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,574,832 shares of the industrial products company's stock after selling 1,868,784 shares during the period. Beutel Goodman & Co Ltd. owned about 1.96% of Flowserve worth $148,104,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC purchased a new stake in Flowserve during the third quarter valued at $25,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Flowserve during the 3rd quarter valued at about $29,000. UMB Bank n.a. increased its position in shares of Flowserve by 64.2% during the 4th quarter. UMB Bank n.a. now owns 711 shares of the industrial products company's stock valued at $41,000 after purchasing an additional 278 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Flowserve in the 3rd quarter worth approximately $42,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Flowserve by 185.9% in the fourth 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. 93.93% of the stock is owned by institutional investors.
Flowserve Price Performance
Shares of NYSE:FLS traded up $0.58 during midday trading on Wednesday, reaching $49.77. 272,862 shares of the company were exchanged, compared to its average volume of 1,215,792. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71. The stock has a market cap of $6.56 billion, a PE ratio of 23.26, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22. The business's fifty day moving average is $55.93 and its two-hundred day moving average is $56.59. Flowserve Co. has a one year low of $43.66 and a one year high of $65.08.
Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.07). The firm 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%. As a group, analysts predict that Flowserve Co. will post 3.18 earnings per share for the current year.
Flowserve Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Friday, March 28th. Flowserve's dividend payout ratio (DPR) is presently 39.25%.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the stock. Mizuho increased their price target on shares of Flowserve from $65.00 to $70.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Royal Bank of Canada lowered their target price on Flowserve from $69.00 to $68.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. Stifel Nicolaus upped their price target on Flowserve from $75.00 to $77.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. The Goldman Sachs Group upgraded Flowserve from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $55.00 to $69.00 in a research note on Thursday, December 12th. Finally, Robert W. Baird upgraded shares of Flowserve from a "neutral" rating to an "outperform" rating and set a $71.00 target price on the stock in a research note on Monday, March 17th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.60.
Check Out Our Latest Research Report on FLS
Flowserve Company Profile
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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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