Flowserve Co. (NYSE:FLS) Stock Holdings Reduced by California Public Employees Retirement System

Posted by Defense World Staff on May 17th, 2023

California Public Employees Retirement System lessened its stake in shares of Flowserve Co. (NYSE:FLS – Get Rating) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 304,722 shares of the industrial products company’s stock after selling 5,816 shares during the quarter. California Public Employees Retirement System owned about 0.23% of Flowserve worth $9,349,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Captrust Financial Advisors boosted its stake 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 worth $59,000 after acquiring an additional 303 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Flowserve during the 3rd quarter worth about $112,000. 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 worth $132,000 after purchasing an additional 2,139 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Flowserve during the 3rd quarter worth about $152,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Flowserve during the 1st quarter worth about $208,000. Institutional investors own 99.88% of the company’s stock.

Flowserve Trading Down 1.8 %

Flowserve stock opened at $34.58 on Wednesday. The business has a 50 day moving average price of $33.20 and a two-hundred day moving average price of $32.65. The company has a quick ratio of 1.26, a current ratio of 1.92 and a debt-to-equity ratio of 0.64. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 0.92 and a beta of 1.62. Flowserve Co. has a 12 month low of $23.89 and a 12 month high of $38.86.

Flowserve (NYSE:FLS – Get Rating) last issued its earnings results on Monday, May 1st. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.14. Flowserve had a return on equity of 10.44% and a net margin of 6.13%. The business had revenue of $980.31 million during the quarter, compared to analysts’ expectations of $898.83 million. During the same period in the prior year, the firm posted $0.07 EPS. Flowserve’s quarterly revenue was up 19.4% compared to the same quarter last year. As a group, equities analysts forecast that Flowserve Co. will post 1.76 EPS for the current year.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 7th. Stockholders of record on Friday, March 24th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 23rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.31%. Flowserve’s payout ratio is presently 45.71%.

Analyst Ratings Changes

FLS has been the subject of several research analyst reports. TheStreet raised Flowserve from a “c” rating to a “b” rating in a research report on Tuesday, February 21st. The Goldman Sachs Group boosted their price objective on Flowserve from $27.00 to $30.00 and gave the stock a “sell” rating in a research report on Friday, April 14th. Royal Bank of Canada boosted their price objective on Flowserve from $34.00 to $38.00 in a research report on Wednesday, May 3rd. Robert W. Baird boosted their price objective on Flowserve from $32.00 to $42.00 and gave the stock a “neutral” rating in a research report on Monday, February 13th. Finally, Stifel Nicolaus boosted their price objective on Flowserve from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, January 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $36.78.

About Flowserve

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