Bank of New York Mellon Corp Cuts Stock Position in Flowserve Co. (NYSE:FLS)

Bank of New York Mellon Corp lessened its holdings in shares of Flowserve Co. (NYSE:FLS - Free Report) by 1.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,719,072 shares of the industrial products company's stock after selling 17,968 shares during the period. Bank of New York Mellon Corp owned 1.31% of Flowserve worth $98,881,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Flowserve by 1.0% during the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company's stock worth $201,685,000 after purchasing an additional 37,132 shares in the last quarter. Thrivent Financial for Lutherans increased its position in Flowserve by 1.7% during the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company's stock worth $134,577,000 after buying an additional 44,039 shares during the period. Geode Capital Management LLC raised its position in Flowserve by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company's stock valued at $113,851,000 after purchasing an additional 23,529 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Flowserve by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,755,881 shares of the industrial products company's stock worth $90,761,000 after purchasing an additional 4,414 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Flowserve by 34.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company's stock valued at $86,055,000 after purchasing an additional 422,141 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

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Flowserve Price Performance

Flowserve stock traded up $0.35 during mid-day trading on Wednesday, hitting $50.81. 2,331,182 shares of the company were exchanged, compared to its average volume of 1,127,386. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. The company has a market capitalization of $6.69 billion, a P/E ratio of 23.74, a PEG ratio of 1.35 and a beta of 1.42. Flowserve Co. has a 12-month low of $42.37 and a 12-month high of $65.08. The business's 50 day simple moving average is $59.89 and its two-hundred day simple moving average is $56.31.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings results 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). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.21 billion. Analysts forecast that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.65%. Flowserve's dividend payout ratio is presently 39.25%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on FLS shares. Robert W. Baird raised their price target on Flowserve from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Thursday, February 20th. The Goldman Sachs Group upgraded Flowserve from a "sell" rating to a "neutral" rating and lifted their target price for the company from $55.00 to $69.00 in a research note on Thursday, December 12th. Citigroup cut their price objective on shares of Flowserve from $73.00 to $72.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Royal Bank of Canada dropped their price target on shares of Flowserve from $69.00 to $68.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Finally, StockNews.com downgraded shares of Flowserve from a "buy" rating to a "hold" rating in a research report on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Flowserve has a consensus rating of "Moderate Buy" and an average price target 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.