MetLife Investment Management LLC Sells 1,028 Shares of Flowserve Co. (NYSE:FLS)

Posted by Defense World Staff on Feb 27th, 2023

MetLife Investment Management LLC cut its holdings in Flowserve Co. (NYSE:FLS – Get Rating) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 83,922 shares of the industrial products company’s stock after selling 1,028 shares during the quarter. MetLife Investment Management LLC owned 0.06% of Flowserve worth $2,039,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Eagle Bay Advisors LLC lifted its position in shares of Flowserve by 222.4% during the 2nd quarter. Eagle Bay Advisors LLC now owns 1,783 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 1,230 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Flowserve by 4,707.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,923 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 1,883 shares during the period. Captrust Financial Advisors lifted its position in shares of Flowserve by 17.1% during the 2nd quarter. Captrust Financial Advisors now owns 2,073 shares of the industrial products company’s stock valued at $59,000 after acquiring an additional 303 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Flowserve during the 3rd quarter valued at $112,000. Finally, Covestor Ltd lifted its position in shares of Flowserve by 138.4% during the 1st quarter. Covestor Ltd now owns 3,684 shares of the industrial products company’s stock valued at $132,000 after acquiring an additional 2,139 shares during the period. Institutional investors and hedge funds own 99.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FLS shares. Stifel Nicolaus boosted their target price on shares of Flowserve from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, January 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $30.00 target price on shares of Flowserve in a research report on Thursday. Bank of America upgraded shares of Flowserve from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $40.00 in a report on Monday, January 30th. They noted that the move was a valuation call. Citigroup upped their price objective on shares of Flowserve from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, December 9th. Finally, Robert W. Baird upped their price objective on shares of Flowserve from $32.00 to $42.00 and gave the stock a “neutral” rating in a report on Monday, February 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Flowserve currently has an average rating of “Hold” and a consensus target price of $35.00.

Flowserve Stock Performance

NYSE FLS opened at $34.93 on Monday. Flowserve Co. has a 1 year low of $23.89 and a 1 year high of $37.59. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.97 and a quick ratio of 1.32. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 0.98 and a beta of 1.62. The company has a fifty day moving average price of $33.13 and a 200-day moving average price of $30.74.

Flowserve (NYSE:FLS – Get Rating) last posted its earnings results on Wednesday, February 22nd. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.20. Flowserve had a net margin of 5.22% and a return on equity of 8.14%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue was up 13.0% compared to the same quarter last year. As a group, equities research analysts predict that Flowserve Co. will post 1.66 EPS for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $0.80 annualized dividend and a yield of 2.29%. Flowserve’s payout ratio is currently 55.94%.

Flowserve Company Profile

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Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through the following segments: Flowserve Pumps Division and Flow Control Division. The Flowserve Pumps Division segment provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services.