Flowserve Co. (NYSE:FLS) Stake Raised by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA boosted its holdings in shares of Flowserve Co. (NYSE:FLS - Free Report) by 10.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,832,204 shares of the industrial products company's stock after purchasing an additional 167,379 shares during the period. Massachusetts Financial Services Co. MA owned about 1.39% of Flowserve worth $105,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Headlands Technologies LLC increased its position in shares of Flowserve by 4,790.0% in the fourth quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock valued at $28,000 after buying an additional 479 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Flowserve in the 3rd quarter worth approximately $29,000. UMB Bank n.a. boosted its stake in Flowserve by 64.2% during the fourth quarter. UMB Bank n.a. now owns 711 shares of the industrial products company's stock worth $41,000 after buying an additional 278 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Flowserve by 185.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company's stock worth $53,000 after purchasing an additional 595 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. acquired a new position in Flowserve in the fourth quarter valued at approximately $63,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Flowserve Trading Down 6.4 %

Shares of FLS stock traded down $2.85 during trading hours on Thursday, hitting $41.77. 382,444 shares of the company were exchanged, compared to its average volume of 1,225,646. The firm has a market cap of $5.50 billion, a PE ratio of 19.51, a PEG ratio of 1.35 and a beta of 1.22. 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 firm has a fifty day moving average of $52.74 and a 200 day moving average of $56.20. Flowserve Co. has a 1 year low of $37.34 and a 1 year high of $65.08.

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

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders 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 yield of 2.01%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve's dividend payout ratio is presently 39.25%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Baird R W upgraded Flowserve from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. TD Cowen boosted 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. Royal Bank of Canada reduced their target price on Flowserve from $69.00 to $68.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Robert W. Baird upgraded Flowserve from a "neutral" rating to an "outperform" rating and set a $71.00 price target on the stock in a research report on Monday, March 17th. Finally, Stifel Nicolaus upped their price objective on Flowserve from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Flowserve has an average rating of "Moderate Buy" and a consensus price target of $68.60.

Flowserve Company 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.