Peregrine Capital Management LLC Cuts Stock Holdings in Flowserve Co. (NYSE:FLS)

Peregrine Capital Management LLC trimmed its stake in shares of Flowserve Co. (NYSE:FLS - Free Report) by 8.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 155,063 shares of the industrial products company's stock after selling 14,378 shares during the period. Peregrine Capital Management LLC owned 0.12% of Flowserve worth $8,919,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FLS. State Street Corp lifted its position 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 valued at $201,685,000 after purchasing an additional 37,132 shares during the last quarter. Vestcor Inc bought a new position in Flowserve during the third quarter valued at $714,000. Stifel Financial Corp lifted its position in Flowserve by 14.0% during the third quarter. Stifel Financial Corp now owns 244,139 shares of the industrial products company's stock valued at $12,619,000 after purchasing an additional 29,979 shares during the last quarter. Algert Global LLC lifted its position in Flowserve by 130.3% during the third quarter. Algert Global LLC now owns 109,079 shares of the industrial products company's stock valued at $5,638,000 after purchasing an additional 61,710 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Flowserve by 34.0% during 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 last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Mizuho increased their price objective on shares of Flowserve from $65.00 to $70.00 and gave the company an "outperform" rating in a research report on Thursday. StockNews.com lowered shares of Flowserve from a "buy" rating to a "hold" rating in a research report on Thursday. Citigroup lowered their target price on shares of Flowserve from $73.00 to $72.00 and set a "buy" rating for the company in a report on Monday, January 13th. Bank of America raised their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada lowered their target price on shares of Flowserve from $69.00 to $68.00 and set an "outperform" rating for the company in a report on Thursday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.60.

Flowserve Trading Down 3.6 %

FLS stock traded down $2.08 during trading on Friday, hitting $55.38. The company had a trading volume of 2,004,391 shares, compared to its average volume of 1,352,376. The firm has a market capitalization of $7.28 billion, a P/E ratio of 25.88, a PEG ratio of 1.21 and a beta of 1.42. Flowserve Co. has a 52-week low of $41.60 and a 52-week high of $65.08. The company has a 50 day simple moving average of $60.57 and a 200-day simple moving average of $55.78. 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 (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.07). The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. As a group, research analysts forecast that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve's dividend payout ratio is presently 39.25%.

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.