Flowserve Co. (NYSE:FLS) Shares Sold by Raymond James & Associates

Raymond James & Associates lowered its stake in Flowserve Co. (NYSE:FLS - Free Report) by 29.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 308,019 shares of the industrial products company's stock after selling 130,737 shares during the period. Raymond James & Associates owned about 0.23% of Flowserve worth $14,816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Moody National Bank Trust Division raised its stake in Flowserve by 2.8% in the first quarter. Moody National Bank Trust Division now owns 9,495 shares of the industrial products company's stock valued at $434,000 after buying an additional 259 shares in the last quarter. Toronto Dominion Bank lifted its stake in Flowserve by 0.7% during the first quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company's stock worth $2,127,000 after purchasing an additional 305 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in Flowserve by 7.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company's stock valued at $286,000 after purchasing an additional 426 shares in the last quarter. Retirement Systems of Alabama increased its stake in Flowserve by 0.3% in the first quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company's stock valued at $7,526,000 after purchasing an additional 433 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in Flowserve by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 58,004 shares of the industrial products company's stock worth $2,391,000 after purchasing an additional 560 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Price Performance

Shares of NYSE:FLS traded up $1.05 during trading on Friday, hitting $49.12. 526,727 shares of the stock were exchanged, compared to its average volume of 1,035,569. The company has a market cap of $6.47 billion, a PE ratio of 27.75, a P/E/G ratio of 1.19 and a beta of 1.42. The company has a current ratio of 2.00, a quick ratio of 1.28 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $48.02 and a two-hundred day moving average price of $46.75. Flowserve Co. has a 12-month low of $35.31 and a 12-month high of $52.09.

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

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve's payout ratio is currently 47.46%.

Analysts Set New Price Targets

Several brokerages recently commented on FLS. Bank of America lifted their price target on shares of Flowserve from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, July 30th. Royal Bank of Canada raised their price objective on shares of Flowserve from $50.00 to $52.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 31st. Robert W. Baird upped their target price on shares of Flowserve from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Wednesday, July 31st. Citigroup raised their price target on Flowserve from $56.00 to $59.00 and gave the stock a "buy" rating in a report on Wednesday, May 1st. Finally, UBS Group boosted their price target on Flowserve from $46.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $56.11.

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.