Retirement Systems of Alabama Lowers Stock Position in Flowserve Co. (NYSE:FLS)

Retirement Systems of Alabama lessened its position in shares of Flowserve Co. (NYSE:FLS) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 159,588 shares of the industrial products company’s stock after selling 2,905 shares during the quarter. Retirement Systems of Alabama’s holdings in Flowserve were worth $8,249,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC acquired a new stake in shares of Flowserve during the 3rd quarter valued at about $25,000. V Square Quantitative Management LLC purchased a new position in Flowserve during the third quarter worth approximately $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Flowserve in the third quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of Flowserve in the third quarter valued at approximately $29,000. Finally, Signaturefd LLC raised its stake in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Trading Down 2.3 %

Shares of Flowserve stock opened at $59.83 on Wednesday. Flowserve Co. has a 1-year low of $39.21 and a 1-year high of $62.32. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The stock has a market cap of $7.86 billion, a P/E ratio of 29.62, a P/E/G ratio of 1.48 and a beta of 1.41. The stock’s 50 day simple moving average is $57.77 and its 200-day simple moving average is $51.68.

Flowserve (NYSE:FLS) last released its quarterly earnings data 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 company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the firm posted $0.50 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. Analysts predict that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.40%. The ex-dividend date is Friday, December 27th. Flowserve’s payout ratio is currently 41.58%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FLS. Robert W. Baird lifted their price target on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Stifel Nicolaus lifted their target price on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target for the company. Citigroup lifted their price objective on Flowserve from $65.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Bank of America increased their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $64.40.

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.