Sumitomo Mitsui Trust Holdings Inc. Decreases Position in Flowserve Co. (NYSE:FLS)

Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of Flowserve Co. (NYSE:FLS - Free Report) by 11.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,389 shares of the industrial products company's stock after selling 16,051 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.10% of Flowserve worth $6,272,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. YHB Investment Advisors Inc. acquired a new position in shares of Flowserve in the 1st quarter valued at $36,000. Raleigh Capital Management Inc. increased its position in shares of Flowserve by 122.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company's stock worth $45,000 after acquiring an additional 596 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 616 shares during the period. TFO Wealth Partners LLC lifted its position in shares of Flowserve by 14,663.6% in the 4th quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company's stock valued at $67,000 after acquiring an additional 1,613 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in Flowserve in the 1st quarter worth approximately $87,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on FLS shares. Royal Bank of Canada boosted their target price on shares of Flowserve from $50.00 to $52.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 31st. UBS Group upped their target price on Flowserve from $46.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, May 1st. StockNews.com lowered Flowserve from a "strong-buy" rating to a "buy" rating in a report on Thursday, August 8th. Mizuho restated a "buy" rating and issued a $53.00 price objective (up previously from $50.00) on shares of Flowserve in a report on Wednesday, May 1st. Finally, Robert W. Baird raised their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $56.11.

Flowserve Stock Performance

Shares of FLS stock traded up $0.15 during trading on Thursday, reaching $48.08. The company had a trading volume of 772,154 shares, compared to its average volume of 1,038,716. The company has a market capitalization of $6.33 billion, a PE ratio of 27.16, a PEG ratio of 1.19 and a beta of 1.42. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.28. The firm's 50 day simple moving average is $47.97 and its two-hundred day simple moving average is $46.64. Flowserve Co. has a one year low of $35.31 and a one year high of $52.09.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same period in the previous year, the company earned $0.52 earnings per share. Flowserve's revenue for the quarter was up 7.1% on a year-over-year basis. Sell-side analysts forecast that Flowserve Co. will post 2.72 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.75%. Flowserve's payout ratio is presently 47.46%.

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.