PNC Financial Services Group Inc. Sells 14,658 Shares of Flowserve Co. (NYSE:FLS)

PNC Financial Services Group Inc. trimmed its stake in shares of Flowserve Co. (NYSE:FLS - Free Report) by 57.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,077 shares of the industrial products company's stock after selling 14,658 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Flowserve were worth $637,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its position in Flowserve by 46.6% in the 3rd quarter. Victory Capital Management Inc. now owns 184,864 shares of the industrial products company's stock valued at $9,556,000 after acquiring an additional 58,769 shares during the period. KBC Group NV increased its position in Flowserve by 17.9% in the 3rd quarter. KBC Group NV now owns 3,432 shares of the industrial products company's stock valued at $177,000 after acquiring an additional 522 shares during the period. Prospera Financial Services Inc increased its position in Flowserve by 4.7% in the 3rd quarter. Prospera Financial Services Inc now owns 29,311 shares of the industrial products company's stock valued at $1,515,000 after acquiring an additional 1,314 shares during the period. Massachusetts Financial Services Co. MA increased its position in Flowserve by 34.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company's stock valued at $86,055,000 after acquiring an additional 422,141 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Flowserve by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,755,881 shares of the industrial products company's stock valued at $90,761,000 after acquiring an additional 4,414 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Analysts Set New Price Targets

FLS has been the subject of several recent research reports. The Goldman Sachs Group upgraded shares of Flowserve from a "sell" rating to a "neutral" rating and upped their price target for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Robert W. Baird upgraded shares of Flowserve from a "neutral" rating to an "outperform" rating and set a $71.00 price objective for the company in a research report on Monday, March 17th. Baird R W upgraded shares of Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Royal Bank of Canada decreased their price objective on shares of Flowserve from $69.00 to $68.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. Finally, Citigroup decreased their price objective on shares of Flowserve from $73.00 to $72.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.60.

Flowserve Stock Down 1.5 %

NYSE FLS traded down $0.78 on Friday, hitting $50.65. 2,206,895 shares of the company were exchanged, compared to its average volume of 1,159,925. The company has a market cap of $6.67 billion, a PE ratio of 23.67, a PEG ratio of 1.35 and a beta of 1.43. Flowserve Co. has a 12 month low of $43.66 and a 12 month high of $65.08. The stock has a fifty day moving average of $57.54 and a 200-day moving average of $56.25. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71.

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 (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.07). The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. As a group, analysts forecast that Flowserve Co. will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

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 paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve's dividend payout ratio (DPR) is 39.25%.

About Flowserve

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.