Bank of New York Mellon Corp Sells 112,181 Shares of Flowserve Co. (NYSE:FLS)

Bank of New York Mellon Corp reduced its position in Flowserve Co. (NYSE:FLS - Free Report) by 5.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,993,146 shares of the industrial products company's stock after selling 112,181 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.51% of Flowserve worth $95,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. YHB Investment Advisors Inc. purchased a new position in shares of Flowserve in the first quarter valued at $36,000. Raleigh Capital Management Inc. increased its position in shares of Flowserve by 122.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company's stock valued at $45,000 after buying an additional 596 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company's stock worth $47,000 after buying an additional 616 shares in the last quarter. TFO Wealth Partners LLC boosted its position in shares of Flowserve by 14,663.6% in the fourth 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 during the period. Finally, Daiwa Securities Group Inc. purchased a new position in Flowserve during the first quarter valued at approximately $87,000. 93.93% of the stock is currently owned by institutional investors.

Flowserve Trading Up 1.6 %

Shares of Flowserve stock traded up $0.77 during trading on Thursday, reaching $49.48. The company's stock had a trading volume of 836,077 shares, compared to its average volume of 1,024,562. The company has a quick ratio of 1.28, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $52.09. The firm's 50-day moving average is $48.13 and its two-hundred day moving average is $46.93. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 1.19 and a beta of 1.42.

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

Flowserve Announces Dividend

The business 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 dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve's dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FLS. Citigroup raised their price target on shares of Flowserve from $56.00 to $59.00 and gave the company a "buy" rating in a report on Wednesday, May 1st. Royal Bank of Canada lifted their price objective on Flowserve from $50.00 to $52.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 31st. TD Cowen upped their target price on Flowserve from $55.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Stifel Nicolaus lifted their price target on Flowserve from $58.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. Finally, StockNews.com cut shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.11.

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.