FIL Ltd raised its position in shares of Flowserve Co. (NYSE:FLS - Free Report) by 71.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,255,059 shares of the industrial products company's stock after acquiring an additional 2,193,904 shares during the quarter. FIL Ltd owned about 4.00% of Flowserve worth $302,271,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of FLS. Norges Bank acquired a new position in shares of Flowserve in the 4th quarter valued at about $94,629,000. Invesco Ltd. lifted its stake in Flowserve by 52.7% in the fourth quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company's stock valued at $118,953,000 after buying an additional 714,063 shares during the period. Varenne Capital Partners bought a new position in shares of Flowserve during the 4th quarter worth approximately $26,216,000. Loomis Sayles & Co. L P acquired a new stake in shares of Flowserve during the 4th quarter worth approximately $23,614,000. Finally, Artisan Partners Limited Partnership bought a new stake in shares of Flowserve in the 4th quarter valued at $23,007,000. Institutional investors own 93.93% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on FLS. Citigroup cut their target price on shares of Flowserve from $73.00 to $72.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Stifel Nicolaus raised their target price on Flowserve from $75.00 to $77.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. Baird R W raised Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. TD Cowen increased 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. Finally, StockNews.com cut Flowserve from a "buy" rating to a "hold" rating in a research note on Thursday, February 20th. Two equities research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $68.60.
View Our Latest Report on Flowserve
Flowserve Stock Up 1.0 %
NYSE FLS traded up $0.40 on Friday, reaching $42.23. The company had a trading volume of 1,798,525 shares, compared to its average volume of 1,241,169. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. The company's fifty day moving average is $51.93 and its 200 day moving average is $56.08. Flowserve Co. has a 52-week low of $37.34 and a 52-week high of $65.08. The stock has a market capitalization of $5.56 billion, a P/E ratio of 19.73, a P/E/G ratio of 1.35 and a beta of 1.22.
Flowserve (NYSE:FLS - Get Free Report) last released its quarterly earnings results 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). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Sell-side analysts anticipate that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.
Flowserve Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $0.84 dividend on an annualized basis and a yield of 1.99%. Flowserve's dividend payout ratio (DPR) is currently 39.25%.
About Flowserve
(
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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