Flowserve Co. (NYSE:FLS) Stake Trimmed by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP cut its position in shares of Flowserve Co. (NYSE:FLS) by 1.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 20,841 shares of the industrial products company’s stock after selling 309 shares during the period. Wakefield Asset Management LLLP’s holdings in Flowserve were worth $1,003,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Flowserve during the fourth quarter valued at approximately $59,261,000. Silvercrest Asset Management Group LLC purchased a new position in Flowserve during the 1st quarter worth approximately $41,413,000. Vaughan Nelson Investment Management L.P. acquired a new stake in Flowserve during the 2nd quarter valued at $37,100,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Flowserve by 5,256.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after purchasing an additional 600,866 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Flowserve in the fourth quarter worth $22,321,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Stock Performance

Shares of FLS opened at $45.51 on Friday. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. Flowserve Co. has a 12 month low of $35.31 and a 12 month high of $52.09. The company’s fifty day moving average is $48.10 and its 200-day moving average is $47.15. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 25.71, a price-to-earnings-growth ratio of 1.19 and a beta of 1.42.

Flowserve (NYSE:FLS) last posted its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.52 earnings per share. Equities analysts expect that Flowserve Co. will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.85%. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FLS. Stifel Nicolaus upped 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. Bank of America upped their target price on Flowserve from $57.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Robert W. Baird upped their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Finally, TD Cowen lifted their target price on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve currently has a consensus rating of “Moderate Buy” and a consensus price target 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.