Corebridge Financial Inc. Sells 6,699 Shares of Flowserve Co. (NYSE:FLS)

Corebridge Financial Inc. trimmed its position in shares of Flowserve Co. (NYSE:FLS - Free Report) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,656 shares of the industrial products company's stock after selling 6,699 shares during the period. Corebridge Financial Inc. owned 0.11% of Flowserve worth $8,551,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FLS. HighTower Advisors LLC increased its stake in shares of Flowserve by 0.6% during the 3rd quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company's stock worth $1,962,000 after purchasing an additional 215 shares during the last quarter. Arizona State Retirement System increased its position in Flowserve by 0.6% during the fourth quarter. Arizona State Retirement System now owns 38,134 shares of the industrial products company's stock worth $2,193,000 after buying an additional 225 shares during the last quarter. Savant Capital LLC increased its position in Flowserve by 0.4% during the fourth quarter. Savant Capital LLC now owns 61,565 shares of the industrial products company's stock worth $3,541,000 after buying an additional 251 shares during the last quarter. National Bank of Canada FI raised its stake in Flowserve by 4.1% in the third quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company's stock valued at $327,000 after buying an additional 252 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of Flowserve by 1.1% in the third quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company's stock valued at $1,330,000 after buying an additional 277 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

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Flowserve Price Performance

Shares of NYSE:FLS traded up $0.32 during trading on Tuesday, reaching $49.16. 1,130,099 shares of the company traded hands, compared to its average volume of 1,219,493. 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 52 week low of $43.66 and a 52 week high of $65.08. The firm has a market capitalization of $6.48 billion, a PE ratio of 22.97, a PEG ratio of 1.35 and a beta of 1.43. The company's 50 day moving average is $55.93 and its two-hundred day moving average is $56.59.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.07). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. As a group, sell-side analysts predict that Flowserve Co. will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.71%. The ex-dividend date is Friday, March 28th. Flowserve's payout ratio is presently 39.25%.

Wall Street Analyst Weigh In

FLS has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their target price on Flowserve from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Royal Bank of Canada decreased their price objective on shares of Flowserve from $69.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. TD Cowen raised their target price on shares of Flowserve from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Citigroup lowered their price target on shares of Flowserve from $73.00 to $72.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Finally, Baird R W upgraded Flowserve from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Flowserve currently has an average rating of "Moderate Buy" and a consensus target price of $68.60.

Flowserve Profile

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.