Flowserve Co. (NYSE:FLS) Position Reduced by MQS Management LLC

MQS Management LLC lessened its holdings in shares of Flowserve Co. (NYSE:FLS) by 35.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,729 shares of the industrial products company’s stock after selling 3,138 shares during the quarter. MQS Management LLC’s holdings in Flowserve were worth $262,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FLS. Norges Bank acquired a new position in Flowserve in the fourth quarter valued at approximately $59,261,000. Hennessy Advisors Inc. acquired a new position in shares of Flowserve in the fourth quarter valued at approximately $22,321,000. National Bank of Canada FI boosted its holdings in shares of Flowserve by 541.1% in the 1st quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock valued at $20,616,000 after purchasing an additional 350,889 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Flowserve by 717.3% in the 4th quarter. Cubist Systematic Strategies LLC now owns 394,975 shares of the industrial products company’s stock valued at $16,281,000 after purchasing an additional 346,651 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Flowserve by 8.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock valued at $82,595,000 after purchasing an additional 157,125 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FLS has been the subject of a number of recent analyst reports. Bank of America increased their price target on Flowserve from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. UBS Group upped their price target on Flowserve from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. StockNews.com raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 12th. Stifel Nicolaus upped their price target on Flowserve from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, Robert W. Baird raised their price target on Flowserve from $50.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.82.

Flowserve Stock Up 1.4 %

NYSE:FLS traded up $0.68 during mid-day trading on Friday, hitting $50.67. The stock had a trading volume of 49,148 shares, compared to its average volume of 1,041,895. Flowserve Co. has a twelve month low of $35.31 and a twelve month high of $52.06. The stock has a 50-day simple moving average of $48.53 and a two-hundred day simple moving average of $45.65. The company has a market capitalization of $6.67 billion, a PE ratio of 28.24, a PEG ratio of 1.29 and a beta of 1.42. The company has a current ratio of 1.88, a quick ratio of 1.28 and a debt-to-equity ratio of 0.58.

Flowserve (NYSE:FLS) last posted its earnings results on Monday, April 29th. The industrial products company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Flowserve had a return on equity of 15.50% and a net margin of 5.29%. The business’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 earnings per share. On average, equities research analysts anticipate that Flowserve Co. will post 2.66 EPS for the current year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.66%. The ex-dividend date was Friday, June 28th. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Insider Buying and Selling

In related news, CEO Robert Scott Rowe sold 42,269 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the completion of the transaction, the chief executive officer now owns 407,243 shares of the company’s stock, valued at $20,354,005.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.72% of the company’s stock.

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.