Truist Financial Corp Boosts Stock Holdings in Flowserve Co. (NYSE:FLS)

Truist Financial Corp boosted its stake in Flowserve Co. (NYSE:FLS - Free Report) by 32.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,534 shares of the industrial products company's stock after acquiring an additional 5,262 shares during the period. Truist Financial Corp's holdings in Flowserve were worth $1,239,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FLS. Creative Planning raised its holdings in Flowserve by 6.9% in the 3rd quarter. Creative Planning now owns 6,879 shares of the industrial products company's stock worth $356,000 after acquiring an additional 444 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Flowserve by 51.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,816 shares of the industrial products company's stock valued at $559,000 after purchasing an additional 3,675 shares during the last quarter. Allworth Financial LP increased its position in shares of Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company's stock valued at $34,000 after purchasing an additional 403 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Flowserve by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 15,208 shares of the industrial products company's stock worth $786,000 after purchasing an additional 1,035 shares in the last quarter. Finally, New York State Teachers Retirement System increased its stake in shares of Flowserve by 12.8% in the 3rd quarter. New York State Teachers Retirement System now owns 149,371 shares of the industrial products company's stock worth $7,721,000 after purchasing an additional 16,926 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

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Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Flowserve from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. StockNews.com lowered shares of Flowserve from a "buy" rating to a "hold" rating in a report on Thursday, February 20th. Royal Bank of Canada cut their target price on Flowserve from $69.00 to $68.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. Citigroup lowered their price target on Flowserve from $73.00 to $72.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded shares of Flowserve from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Flowserve has a consensus rating of "Moderate Buy" and a consensus price target of $68.60.

Flowserve Stock Performance

FLS traded down $1.71 on Tuesday, reaching $51.03. The stock had a trading volume of 1,704,712 shares, compared to its average volume of 1,119,503. Flowserve Co. has a 12-month low of $41.94 and a 12-month 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. The company has a market cap of $6.72 billion, a P/E ratio of 23.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.42. The business's 50-day moving average price is $60.05 and its two-hundred day moving average price is $56.28.

Flowserve (NYSE:FLS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 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 firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Sell-side analysts forecast that Flowserve Co. will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The business 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 dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Friday, March 28th. Flowserve's dividend payout ratio (DPR) is currently 39.25%.

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.