Norges Bank Acquires New Holdings in Flowserve Co. (NYSE:FLS)

Norges Bank bought a new stake in shares of Flowserve Co. (NYSE:FLS - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 1,645,143 shares of the industrial products company's stock, valued at approximately $94,629,000. Norges Bank owned approximately 1.25% of Flowserve as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. True Wealth Design LLC bought a new stake in shares of Flowserve in the 3rd quarter valued at approximately $25,000. Wilmington Savings Fund Society FSB bought a new stake in Flowserve in the third quarter valued at $29,000. UMB Bank n.a. raised 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 acquiring an additional 278 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Flowserve by 185.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company's stock valued at $53,000 after acquiring an additional 595 shares during the period. Finally, Quintet Private Bank Europe S.A. acquired a new stake in shares of Flowserve in the 4th quarter valued at $63,000. Institutional investors own 93.93% of the company's stock.

Flowserve Trading Down 8.1 %

Shares of FLS traded down $3.53 during trading hours on Friday, hitting $40.07. 2,817,652 shares of the stock traded hands, compared to its average volume of 1,219,284. The business has a fifty day moving average of $54.75 and a 200-day moving average of $56.54. The firm has a market capitalization of $5.28 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22. Flowserve Co. has a 1-year low of $38.23 and a 1-year high of $65.08. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71.

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Flowserve (NYSE:FLS - Get Free Report) last released its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) 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 business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Analysts expect that Flowserve Co. will post 3.18 EPS 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 given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve's payout ratio is 39.25%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FLS shares. Baird R W raised shares of Flowserve from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. The Goldman Sachs Group upgraded shares of 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 decreased their price target on Flowserve from $73.00 to $72.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Mizuho raised their price target on Flowserve from $65.00 to $70.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, Robert W. Baird raised Flowserve from a "neutral" rating to an "outperform" rating and set a $71.00 price objective on the stock in a research note on Monday, March 17th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average 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.