Ibex Wealth Advisors Sells 7,318 Shares of Flowserve Co. (NYSE:FLS)

Ibex Wealth Advisors cut its position in Flowserve Co. (NYSE:FLS) by 36.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,803 shares of the industrial products company’s stock after selling 7,318 shares during the quarter. Ibex Wealth Advisors’ holdings in Flowserve were worth $736,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FLS. State Street Corp boosted its position in Flowserve by 1.0% during the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after buying an additional 37,132 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Flowserve by 1.7% during the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock valued at $134,577,000 after acquiring an additional 44,039 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Flowserve by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock worth $113,851,000 after purchasing an additional 23,529 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Flowserve by 0.3% in the third 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 purchasing an additional 4,414 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in Flowserve by 34.0% in the third 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 purchasing an additional 422,141 shares during the period. 93.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on FLS. Jefferies Financial Group began coverage on Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. Mizuho upped their target price on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and raised their price target for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. Royal Bank of Canada raised shares of Flowserve from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Finally, Bank of America lifted their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Flowserve has a consensus rating of “Moderate Buy” and an average price target of $67.50.

Flowserve Price Performance

Shares of NYSE FLS opened at $61.45 on Thursday. The firm has a market capitalization of $8.07 billion, a P/E ratio of 30.42, a P/E/G ratio of 1.31 and a beta of 1.42. The firm’s 50-day moving average price is $60.33 and its 200-day moving average price is $54.38. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. Flowserve Co. has a 1-year low of $39.69 and a 1-year high of $65.08.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the company posted $0.50 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. Equities research analysts anticipate that Flowserve Co. will post 2.7 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Friday, December 27th. Flowserve’s payout ratio is 41.58%.

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.